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Oct 16, 2020 - Sports

New Jersey is America's new sports betting capital

Kendall Baker
Data: Legal Sports Report; Chart: Andrew Witherspoon/Axios
Data: Legal Sports Report; Chart: Andrew Witherspoon/Axios

New Jersey's sports betting market shattered its own national record in September, taking in nearly $749 million in bets.

By the numbers: Online bets accounted for 90.7% of September's handle ($678.7 million). FanDuel Sportsbook/PointsBet topped the market with $25.1 million in gross revenue.

The state now holds two of the five largest handle months in legal U.S. sports betting history:

  1. New Jersey: $748.6 million (September 2020)
  2. New Jersey: $667.9 million (August 2020)
  3. Nevada: $614.1 million (November 2019)
  4. Nevada: $596.7 million (March 2019)
  5. Nevada: $581.0 million (November 2018)

The big picture: New Jersey was the third state to legalize widespread sports betting after the repeal of PASPA in May 2018. Since then, it has accepted over $9 billion in wagers, yielding over $68 million in tax revenue for the state.

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