New Jersey's $563M sports betting handle in November sets new record

New Jersey’s fast-growing sports betting market continued to set monthly records in November as more than a half-billion dollars’ worth of wagers were placed on sports.

The extra money also helped Atlantic City’s casino industry, which saw its annual winnings surpass the $3 billion mark for the first time since 2012, when there were 12 casinos, a wave of closings and job losses had not yet hit. The city currently has nine casinos.

Gamblers wagered nearly $563 million on sports in November as the pro and college football seasons continued and basketball and hockey played full monthly schedules. The November total eclipsed the previous record of $487 million in bets, which was set in October, the Associated Press reports.

The Atlantic City casinos won $288.6 million in November, an increase of 16.5% from November 2018. When sports betting money from the Meadowlands and Monmouth Park racetracks is included, the gambling industry’s total in New Jersey rose to nearly $306 million in November, up nearly 19% from a year ago. Year-to-date, the industry has reported $3.02 billion in revenue, an increase of 15.7% over 2018 through 11 months.

“The month is a significant benchmark for Atlantic City’s casino industry,” said Rummy Pandit, director of the Lloyd D. Levenson Institute at Stockton University, which studies the gambling industry.

Six of the casinos reported increases in their monthly gambling revenue. The Ocean Casino Resort won $22.6 million, up over 48% from a year ago. Terry Glebocki, Ocean’s new CEO, said the casino saw a 66% increase in its table games and slots revenue in November, which she called an encouraging sign that its business volume is increasing. She credited new marketing offers with helping drive higher activity and profitability at the casino.

The Golden Nugget was up 41% to $36.2 million; Caesars was up 27% to $28.3 million; Hard Rock was up nearly 15% to $26.1 million; Borgata was up 12.5% to $69.3 million; and Harrah’s was up 1.5% to $25.5 million.

Resorts was down 16% to $13.9 million; Tropicana was down 4.8% to $27.5 million; and Bally’s was down 2.9% to $14.1 million.

Online gambling continued on a tear in New Jersey, with online winnings up more than 82% from a year ago, to $49.1 million.

“It is gratifying to see another month of growth in Atlantic City,” said James Plousis, chairman of the New Jersey Casino Control Commission. “All areas of the business, including slots, table games, internet wagering, and sports wagering outperformed last year.”

The casinos and tracks paid $4 million in sports betting taxes in November on nearly $33 million million in revenue. So far this year, they have paid $32.7 million on nearly $270 million in revenue.