New Jersey Sets Monthly State Sports Betting Record With $748.6M

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The state of New Jersey set a new monthly record for all states with $748.6 million in September sports betting wagers.

September Record: The total is up 68% year over year and passes the $668 million total from August, which was a monthly record at the time.

Through the first nine months of the year, New Jersey has taken in $3.3 billion in sports wagers, up from $2.96 billion in the same time period last year.

Online sports betting continued to dominate the market with 90.7% of all wagers placed. Retail betting was $69.8 million in September, up from $66 million in August.

Online casino and poker wagering totaled $87.6 million for September, a 113% year-over-year increase.

Related Link: Why New Jersey’s August Sports Betting Record Hints At Future Strength

The Return of Football: September marked the return of NFL games, which was the largest individual sport bet on for the month with $159.5 million. The other category, which includes hockey, was the leader with $208.3 million in wagers.

“September was a once-in-a-lifetime moment on the sports calendar when all four major U.S. sports were playing meaningful games all at once,” said lead analyst Dustin Gouker.

October could be a real test for sports betting as it will come after two straight monthly records and will not have all major sports competing. 

New Jersey Companies: Individual results were not shared for the many online sports betting companies that operate in New Jersey.

The FanDuel Sportsbook at the Meadowlands was the top-performing retail property with $3.1 million in revenue for September. FanDuel, which also operates an online sportsbook in the state, is owned by Flutter Entertainment (OTC: PDYPY). 

DraftKings Inc (NASDAQ: DKNG) has been one of the largest sportsbooks in New Jersey. The strong performance in September for New Jersey could help boost shares, which have fallen since a stock offering.

Other operators in the state include Fox Bet, owned by Flutter and Fox Corporation (NASDAQ: FOX), BetMGM from MGM Resorts International (NYSE: MGM), Caesars Entertainment (NASDAQ: CZR) and PointsBet.

Lancadia Holdings II (NASDAQ: LCA) could be a company to watch on the strength of New Jersey. The SPAC is merging with the online gaming business of the Golden Nugget, which had the top-performing online casino in September with $26 million in handle. The Golden Nugget also has sportsbook operations in New Jersey with plans to launch in Michigan and Pennsylvania.

Penn National Gaming (NASDAQ: PENN) co-owns the Freehold Raceway in New Jersey, which started taking sports wage Sept. 24. Freehold has three online skins, which could bring Penn’s co-owned Barstool Sportsbook brand to the state sooner than later.

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