Business as usual for New Jersey sports betting amid New York launch

The Garden State once again set a new state record with over $1.3bn in wagers in January.

While the days of the Garden State topping the sports betting charts might be over, New Jersey has continued to put up strong numbers early this year. Indeed, despite the launch of New York’s online sports betting market, New Jersey set a new state record for wagers with $1.35bn last month. 

This number is a significant boost from the handle recorded in December, which was $1.2bn, and marked a 41% increase in betting volume from the same period last year. 

In regards to gross revenue, sportsbooks won $60.2m, a 2% increase from December but a relatively large drop from last January’s $82.4m.

As we have seen in a number of other states over the month of January, the extended NFL schedule played an important role in the rise in sports betting numbers. A total handle of $340.3m was recorded in football wagers. However, basketball was king this month, recording an impressive $553.7m in wagers. 

Online play continued to dominate the state’s sports betting market, making up approximately 90% of bets. FanDuel and PointsBet, who both operate with the Meadowlands Racetrack led the way, earning $35.5m in gross revenue, while DraftKings’ offering came in second with $10.2m.  

From the total sports betting revenue for January, the state collected $9.3m in taxes. 

Many had predicted that with the launch of online sports betting in the Empire State, which saw a staggering handle of $2bn in its first 30 days, New Jersey would struggle to continue growing its sportsbooks. Indeed, while it may take a few months for the real impact of New York’s launch to become clear, as of now, sports betting in New Jersey remains as strong as ever. 

Away from the sportsbooks, New Jersey’s online casinos earned $137.8m in online casino and poker revenue for January. The Borgata was the state’s most profitable land-based casino with $39.1m in revenue, followed by Resorts Atlantic City’s $32.3m.

Henry Moore

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