- New Jersey sets record for most sports betting handle in a single month in August ($667.9 million)
- Record shattered the previous record set by Nevada last November ($614.1 million)
- Indiana, West Virginia, and Iowa also broke their own sports betting handle records last month
2020 hasn’t exactly been a landmark year for a variety of reasons. The sports betting industry has been no exception. With most sports around the world taking a rather lengthy hiatus between spring and mid-summer, there just hasn’t been much for sports bettors to do.
However, sports have since come back. Within the past two months, we have seen the returns of the NBA and NHL as well as the beginning of the 2020 seasons for Major League Baseball and the NFL. We have also had countless NASCAR events, golf tournaments, and tennis tournaments, as well. The sports calendar has been booming since August, and September promises to be even more jam-packed.
Needless to say, August was a good month for the sports wagering business. In fact, the burgeoning New Jersey sports betting industry just enjoyed its most fruitful month ever.
Record-Setting August For New Jersey
According to the New Jersey Division of Gaming Enforcement, the state took in $667.9 million worth of bets in August. Not only is that a record for New Jersey, but it’s an all-time record for any state with a regulated gambling market. Yes, including Nevada. The mark is also more than double the amount of bets New Jersey recorded in August of last year.
BREAKING: New Jersey sports betting handle for August is $667.8 million, breaking the all-time state monthly sports betting handle record by $70 million (Nevada, $597.8 in March 2019).
— Darren Rovell (@darrenrovell) September 14, 2020
Nevada took just over $614 million worth of sports bets at its regulated sportsbooks in November of 2019, which was the previous all-time record. That remains Nevada’s best-ever showing, which is impressive considering sports betting has been regulated in the state since the 1950s.
Despite football not returning until September and land-based sportsbooks in New Jersey being limited to 25 percent capacity for health purposes, the state crushed Nevada’s record in August. The vast majority of bets were placed online, though, with over 90 percent of the money wagered on sports in New Jersey last month coming in over the internet.
September Could Be Even Bigger
With the NFL season having started last week and college football about to get into full swing, it’s safe to expect September to be another very busy month for sports bettors all over the United States. Basketball and baseball, which were played daily in August, were the two most popular sports on which to bet. Just over $166 million was wagered on basketball in New Jersey last month, while baseball took in $150 million worth of bets. New Jersey sportsbooks profited just under $40 million in August.
New Jersey bettors also wagered nearly $145 million on parlays.
Patrick Eichner, a communications director for PointsBet, told ESPN, “The New Jersey sports betting model has proven itself to be great for consumers and operators alike, so it comes as no surprise to see continued growth and another record-setting month this past August. With NFL and college football now underway, plus plenty of other marquee sports, safe to expect another big month again in September.”
Incredible Increase Year-Over-Year
From January through August of 2019, New Jersey bettors wagered $2.53 billion on sports. During the same span of time this year, despite many sports having been out of commission for months at a time, the state took in $2.54 billion in sports bets.
Last September, New Jersey sportsbooks took in just under $446 million in bets, which coincided with the return of football. That was a record for the state at the time, with nearly $189 million worth of bets coming in on football.
Indiana also saw its sports betting handle rise to $169 million in August, which is an increase year-over-year of nearly $100 million. Iowa’s sports betting handle rose over 120 percent to just over $50 million, while West Virginia’s sports betting handle in August tripled from last year, up to $45.9 million.