New Jersey reports record-breaking $1.35bn in wagers for January
New Jersey has set a new record for sports betting, handling $1.35bn in wagers during January.
Despite neighbouring New York launching mobile sports betting, the Garden State has surpassed some pundits’ expectations, posting a more than 10% increase in handle over December’s $1.2bn.
January even saw New Jersey top its own previous all-time high for handle, having reached $1.3bn last October — which was also a national record prior to New York’s launch.
From this, sportsbooks generated $60.2m in gross revenue, down 27% from January 2021’s $82.4m, but up 2% from December.
Online sportsbooks accounted for the lion’s share of wagering, taking $1.2bn in bets, which represents nearly 90% of the Garden State’s total for January. Retail sportsbooks, meanwhile, saw $139.2m in wagers.
David Danzis, an analyst for PlayNJ.com, commented: “Sportsbooks have dealt with neighbours legalising mobile sports betting before and continued to thrive, and it will take a few months before we know for certain the true impact of New York.
“But January’s results are certainly encouraging, showing that New Jersey’s gaming industry can weather New York’s expansion.”
January’s all-time-high handle was helped by a busy NFL schedule. New Jerseyans wagered more than $340m on football, though basketball was even more popular, seeing $553.7m in bets.
All-in-all, January’s sport betting action generated $9.3m in state and local taxes.
“With the expanded NFL schedule and a favourable calendar, most states will set a sports betting record in January. But only New Jersey saw their most important feeder market turn into competition,” remarked Eric Ramsey, an analyst for the PlayUSA.com Network.
“Ultimately, having such a busy sports calendar in January did seem to help soften the impact of New York’s launch.”
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