gambling

Sports Gambling Industry Continues Hot Streak With Record Amount of Bets Last Month – Newsweek

Summary

New Jersey’s sports betting industry set another national record in October for the largest amount of bets taken in a single month, totaling over $1.3 billion.

That mark topped the $1.01 billion in bets placed in September by the nine casinos in Atlantic City and three horse racing tracks that offer sports betting, according to The Associated Press.

As New York state is preparing to launch their legalized mobile sports betting systems before the NFL’s Super Bowl in February, it re…….

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New Jersey’s sports betting industry set another national record in October for the largest amount of bets taken in a single month, totaling over $1.3 billion.

That mark topped the $1.01 billion in bets placed in September by the nine casinos in Atlantic City and three horse racing tracks that offer sports betting, according to The Associated Press.

As New York state is preparing to launch their legalized mobile sports betting systems before the NFL’s Super Bowl in February, it remains to be seen how much of the online sports betting market could cross state lines.

Almost $1.2 billion of the $1.3 billion in sports bets handled by New Jersey gambling outlets was wagered online.

In the 10 months of 2021, a total of almost $8.5 billion in sports bets have been placed in New Jersey.

The start and continuation of the NFL season sparked the two consecutive billion-dollar months, according to Jane Bokunewicz, director of the Lloyd Levenson Institute at Stockton University, which studies the Atlantic City gambling industry.

“Sports betting has swelled with the start of the NFL season, and realized another month of over $1 billion in handle,” Bokunewicz said. “October 2021’s record sports wagering handle proves that September was not a flash in the pan, but rather the first sign of a new level of sports betting participation, at least during the NFL season.”

According to The Action Network, a sports gambling website, New Jersey is one of 18 states with some form of legalized mobile sports betting.

For more reporting from The Associated Press, see below.

This Sept. 9, 2018 photo shows an odds board in a sports betting lounge at the Ocean Casino Resort in Atlantic City N.J,. for the first Sunday of pro football season. On Nov. 17, 2021, New Jersey gambling regulators released figures showing that New Jersey’s sports betting industry broke its own national record in October, taking in over $1.3 billion worth of sports bets for the month.
Wayne Parry/Associated Press

Figures released Wednesday by the New Jersey Division of Gaming Enforcement show the casinos and tracks collectively won over $448 million in October, including in-person gambling, internet gambling and sports betting. That represents an increase of nearly 33 percent from October 2020.

Internet gambling accounted for $127 million, up almost 36 percent from a year ago, and sports betting revenue — after winning bets were paid out and other expenses accounted for — was $84.1 million, up nearly 44 percent from last October.

“Atlantic City has effectively extended its momentum from the summer into the fall season,” said James Plousis, chairman of the New Jersey Casino Control Commission. “Five casino-hotels surpassed their brick and mortar results from October 2019 and the other four were within striking distance. All of the operators have the tools that are needed to successfully compete in this market.”

More than half the sports betting revenue made in New Jersey in October …….

Source: https://www.newsweek.com/sports-gambling-industry-continues-hot-streak-record-amount-bets-last-month-1650578