A U.S. sports betting September to remember with nearly $2.9B in handle

The after-effects of the COVID-19 pandemic resulted in multiple leagues re-jiggering their schedules, most notably the NBA and NHL extending their seasons into the fall in order to crown their respective champions.

The two leagues also brought the phrase “in the bubble” into the sports lexicon as the NBA played out its schedule at Walt Disney’s Wide World of Sports complex in Orlando, Fla., and the NHL sent its teams to Toronto and Edmonton in Canada.

Major League Baseball was working its way through a shortened 60-game season, while the NFL season started as scheduled with limited hiccups and varying amounts of fans in attendance, including no fans at some venues.

All that added inventory proved to be a boon for sportsbooks. Seventeen states and the District of Columbia — all places for legalized sports betting — combined to generate a total handle of nearly $2.9 billion, the highest cumulative handle recorded in any month since legal sports betting began spreading soon after PASPA was struck down by the U.S. Supreme Court in May 2018.

In turn, that figure helped propel the overall handle generated since May 2018 past the $30 billion threshold (at minimum). Along the way, there were interesting trends that may offer glimpses into the future.

The rise of ‘Jersey Strong’ and the nine-figure club
After having a near-monopoly on legalized sports betting for decades, the state-by-state expansion meant Nevada — anchored by the many Las Vegas sportsbooks — would eventually have to fight to retain its spot atop the list of states generating the highest handle.

“Eventually” was a key word thrown about every time someone talked of a potential challenger to the desert dominance once sports betting became legal on a state-by-state basis. New Jersey had been accelerating that timeline even before COVID-19, however, by edging Nevada in handle in February — a warning shot of sorts across the bow.

Aided by remote registration, high-density population, and multiple public transit entry points from New York City, New Jersey’s time to shine came in emphatic fashion in September. A handle of nearly $748.6 million, which bettered its own previous record from August, dwarfed Nevada’s $575.1 million tally.

To be fair, the Silver State is still reeling from COVID-19 with Las Vegas as a tourist destination and in-person registration required for mobile access (an ongoing and well-known pain point), but there is a new king of the sports betting mountain — further confirmed when New Jersey cracked the $800 million mark in October.