New Jersey, long hailed as the home of sports betting, set yet another record for sports betting revenue. It’s clear that the Garden State is the gold standard for the online sports betting industry.
The month of November came and went with a dizzying amount of revenue being generated. The sports betting industry realized more than $100 million in revenue – all of which can be attributed to one month. It’s a new record for the state as well as from a national perspective. The previous best was posted in the month prior to November. A neat $84.2 million in revenue in October has now been eclipsed. The magnitude of these numbers clearly speaks to the of outright appeal of sports betting platforms to the general public.
Records tumble left and right
Online betting contributes the majority of revenue in the state. In November, the total amount of money wagered came in at $1.25 billion – more than a 30% increase from November 2020. Total online wagers made up 90% of this; yet another increase from the same month the previous year. However, total sports betting and gaming revenue was slightly down from October. Much of this can be attributed to the sports season that was in full swing during the months of September and October.
Betting on schools off the table
A provision was touted that would allow sports betting on colleges/schools that come from other states to play teams in New Jersey. It was a hotly-contested topic that would have increased college exposure on online betting platforms. However, the proposal was quashed before it saw the light of day. One of the main reasons for the proposal being declined centres on the players themselves. It is believed that betting on college teams only serves to put individual players under even more immense scrutiny from the public. It has been noted that the practice of betting on players, especially college players who aren’t professional, may well open the floodgates for intense pressure from vested parties.
Fortunately, there’s plenty of great sports betting markets to bet on in NEw Jersey. This is a state that offers comprehensive online betting services from established operators. So, in essence, it may well be for the best and certainly doesn’t have an affect on the deep pool of available betting markets as is.
2021 – a year to remember
As the year draws to a close, insiders close to the sports betting highest fraternity will look back at 2021 as a year to remember. Online sports betting, as well as gambling activities relating to online casino platforms, have outperformed like no other. Revenue across the board has grown exponentially. It’s indicative of an extremely healthy industry that has gone from strength to strength. The relaxation of gambling laws, while still keeping tight regulations in place, has allowed online platforms to flourish. For those who find themselves in New Jersey, online sports betting will only continue to expand and thrive off of past success. It remains to be seen how 2022 will go in terms of market participation and subsequent turnover, but a seasoned bettor will be sure to back this industry to outstrip what has been achieved over the last 12 months.
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