New Jersey has become the premier sports betting market in the country, and the state just saw a record $803 million wagered in October.
The return to a more normal, seasonal lineup of sporting events helped fuel the state’s growth, which is now pulling away from other jurisdictions with legal sports wagers. And though the sportsbooks in New Jersey have retail operations set up at most of New Jersey’s casinos and racetracks, the online channel accounted for 93% of the bets placed last month.
It is Flutter Entertainment‘s FanDuel and DraftKings that are leading the way by a large margin.
Hitting a home run
Sports betting has turned Benjamin Franklin’s famous aphorism about New Jersey being a keg tapped at two ends by New York and Philadelphia on its head. Where the statesman was bemoaning the financial drain on New Jersey, its location between two massive, vibrant sports markets meant it was perfectly positioned to capitalize on them when wagering on events was made legal.
It also benefited from New Jersey embracing online betting from the start, whether on sports, poker, or other casino games.
