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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.

Go deeper

Sports bettors may be a driving force behind the stock market surge

Illustration: Aïda Amer/Axios

Professional investors have largely abandoned the stock market amid the coronavirus pandemic, but sports bettors and bored millennials have jumped into the retail stock trading market with both feet.

Why it matters: They may be a driving force pushing U.S. stocks to their recent highs — and potentially driving them further.

Dec 15, 2020 - Economy & Business

Sports podcast company Blue Wire raises $5 million Series A

Photo of Blue Wire CEO Kevin Jones, Photo credit: Olivia May

Blue Wire, a sports podcast company, has raised $5 million in its series A round, founder Kevin Jones tell Axios.

Why it matters: The company, which focuses on long-form sports narrative podcasts and conversational podcasts, now hosts more than 140 podcasts with over 20 million downloads for the year. It has $1.5 million in 2020 revenue via sponsorship partnerships via brands like Chevy and Visa.

Kendall Baker, author of Sports
Jun 26, 2020 - Sports

Universities cut sports teams, as they struggle with coronavirus fallout

Illustration: Aïda Amer/Axios

As universities scramble to survive the financial fallout of the coronavirus, sports teams are being cut, abruptly ending thousands of student-athletes' careers and exposing a collegiate sports model that many believe is broken.

Why it matters: With concern about the fall football season growing by the day, the fear is that the cuts have only just begun.