January 13, 2021 Sports Betting, Online

New Jersey sports betting handle nears $1bn for December

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New Jersey sportsbooks earned a record handle of $996m for last December which brought the state’s annual handle to more than $6bn for 2020.

Of the monthly wagers, 93% or $930m came via online. Revenue was $67m, an all-time high nationally. 

For 2020, sportsbook revenue was $399m, a year-on-year increase of 33%, while handle grew 31%. Mobile handle of $5.5bn improved 44% y-o-y. 

New Jersey generated $50m in tax revenue last year from sports wagering. 

December marks the fifth consecutive month that New Jersey set a national handle record. 

Wagers were up 49% from August, when New Jersey broke a then-record $668m of handle. 

The Garden State is on pace to become the first market to break $1bn in monthly handle. January presents an opportune time for New Jersey to reach the elusive $1bn mark, as the NFL playoffs are in full gear, running side by side with the NBA, the return of the NHL and college basketball. The College Football Playoff championship game presented sportsbooks with another highly-wagered event.. 

New Jersey has already established itself as the premier sports betting market in the US, driven by online wagers which accounted for 91% of all 2020 handle. Its top competitor, Nevada, cleared $2bn in annual handle with its November report, but the state has yet to release December numbers. New Jersey will most likely finish the year with more than double sports betting handle than Nevada. 

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