New Jersey had its best betting month ever in August 2020. According to the latest revenue data released by the state’s Division of Gaming Enforcement on Monday, New Jersey’s sportsbooks took a total $667.9M in bets for the month of August 2020. That’s double the amount they received in August 2019 and it is also an all-time record for monthly bets taken by any state with a regulated betting market.
Said FanDuel spokesman Kevin Hennessy via ESPN:
“It was good to have sports back in August. The NBA and NHL bubbles and MLB’s strong return gave sports betting in New Jersey the needed boost to a record month.”
The previous all-time high for a state with legal sportsbetting was $614.1 which was achieved by Nevada in November 2019., it was highest betting revenue since sportsbetting was was introduced in the Silver State in the 1950s. But New Jersey’s August 2020 figures topped that, even without the NFL, America’s favorite sport to bet on.
According to the report, the “other sports” category picked up the bulk of the August revenue with a total of $204.9M. Other sports are classified as sports other than baseball, football, basketball, and parlays. The NBA took in an estimated $166M bets while MLB accounted for around $150M in wagers. Parlay bettors were glad to see major sports return and the total handle for these events was $144.9M.
Record May Not Last Long
Despite the fact that the COVID-19 pandemic health restrictions limited New Jersey’s casinos to 25% capacity, betting action picked up. According to the report, 90% of the total amount wagered was placed in online platforms in the Garden State. New Jersey sportsbooks won a net amount of $39.5M on sporting events that took place in August 2020.
With the NFL and college football seasons beginning last week and the NBA, MLB, and NHL continuing with their seasons this month, New Jersey’s numbers are even expected to get better and August’s record figures may not last long. The Garden State’s sportsbooks have amassed $2.5B from January to August 2020, despite the pandemic. Last year, New Jersey’s sportsbooks saw a total of $2.53B placed bets over the same season.
The Garden State isn’t the only state to report all-time high numbers during the month of August. Indiana’s betting handle jumped by $100M from July to a total of $169M last month. Likewise, Iowa’s handle rose 120.1% to $53M. On the other hand, West Virginia reported that its sportsbetting handle tripled last month.