New Jersey Sports Betting Sees 16% Decline in September

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00:00Let's wrap up here with really some surprising news because generally speaking, the world

00:07of sports betting is growing and growing, but a quarter actually down in one state and

00:12it just happens to be New Jersey and, you know, tell us more about this because naturally

00:17with football starting back up, it's a little surprising.

00:19Was this 2023 or 2024?

00:22Yeah, that's a really good distinction, Craig.

00:25Was it 2023 or 2024?

00:27We saw New Jersey, which is one of the biggest sports betting markets in the country.

00:32It was the biggest before New York launched.

00:34Their total betting volume dropped 16% year over year in September, which like you alluded

00:40to is a huge month for sports books, especially with football and with all the promos that

00:45sports books dump in at the start of football season as well.

00:49So in months like October, November, betting is still very strong, but you're not having

00:53as many of those new signup offers kind of inflate the volume.

00:56But I think this is mainly due to the fact in 2023, you had $1.3 billion bet in New Jersey

01:03in the month, which was, I think their highest month of all time, as far as I know.

01:09So you've seen a 16% decline this year down to $1.1 billion.

01:13It's obviously it's a lot of money, but it's still over a billion dollars.

01:19So I think you explain it with just seeing that last year, betting was up so much there

01:23was such a pent up demand.

01:25It's like a second consecutive month of annual betting declines in New Jersey, actually,

01:29though, which is following what's been growth pretty much every month over the year.

01:34So I would say not something to be alarmed over if you're an operator in New Jersey,

01:38but something you definitely want to keep your eye on, though they're still on track

01:42for a record year.

01:43So we'll see in November, we'll see in October as those numbers come in, and obviously into

01:47December, how those numbers shape up when it comes to the NFL and college football as

01:52well.

01:53Obviously, those are the biggest months of the year for sports books.

01:56And like you said, it only we only see more and more record revenue.

01:59So it's definitely surprising to see the slight dip in September, but versus last year, you

02:04know, the kind of anomaly, the total betting volume much larger than you would expect.