NJ Sports Betting Revenues Cut in Half for October
A nearly quarter billion handle in sports betting for the state of New Jersey sounds good. After all, NJ wasn't even offering sports gambling prior to this past summer. A deeper look revealed some troubling news from the month of October.
While books took in around $260 million in wagers for the month, revenue was cut in half to $11.7 million. Public favorites winning cut into October's revenue numbers. Most of the action came via mobile apps.
Legal Sports Report does note that nearly $4 million in taxes has been taken in since sports betting launched in the state over the late summer. Again, this is money that is new to New Jersey.
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Gambling911.com sees the November numbers likely to come down even further following the first weekend of November bloodbath for the books. Online operators tell us it was their worst weekend in nearly 20 years of operating.
Books won back some of this money with Tennessee beating both the Cowboys and Patriots in so many days along with the Browns stunning Atlanta in Week 10. They were not helped by the New Orleans Saints continued hot play.
Draftkings continues to lead the New Jersey market. They are partnered with BetStars NJ, a sister site of the world's largest real money online poker room PokerStars.
