The state of New Jersey set a sports betting record for the fourth consecutive month and remains on pace to break the year record.
What Happened: The state of New Jersey saw a total of $931.6 million bet on sports in the month of November, bringing its year-to-date total to $5.02 billion.
New Jersey has set records in each of the last four months with totals of $667.9 million, $748.5 million, $803.1 million and $931.6 million from August to November, respectively.
The Winners: FanDuel, owned by Flutter Entertainment PDYPY, DraftKings Inc DKNG and William Hill WIMHY, which is set to be acquired by Caesars Entertainment CZR led the way.
“Most interesting, Golden Nugget saw $26 million in gaming win from their online casino operation," said Matias Dorta of Roundhill Investments. "This is more than what FanDuel, DraftKings or William Hill brought in (revenue) on the sports betting side."
The strong results from Golden Nugget Online, merging with SPAC Lancadia Holdings II LCA, show the strength in online casinos said Dorta, whose company is behind the Roundhill Sports Betting & iGaming ETF BETZ.
“There’s a strong possibility Golden Nugget was the overall iGaming leader in the state in November with the $26 million they brought in via online casino gaming win," said Dorta.
What’s Next: New Jersey could hit a record again in December.
“I believe New Jersey hits $1 billion in December. You have a full slate of NFL football, college football bowl season, college basketball and the return of the NBA throughout the month,” Dorta said.
The strong performance from New Jersey could push more states to legalize sports betting in the short and long term.
“This should strengthen the push to add online sports betting to the revenue bill in New York,” said Dorta.
“States across the country should be paying close attention to New Jersey as they continue to exceed expectations and cement their place at the top of the sports betting market,” said Max Bichsel of Gambling.com Group.
Bichsel echoed Dorta’s notion that December could be the first $1 billion month for an individual state.
Photo: All-Pro Reels, via Wikimedia Commons
© 2022 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.