The start of the new year was a mixed bag for New Jersey sportsbooks, judging by official January figures released by the New Jersey Division of Gaming Enforcement (NJDGE).
January’s total sports wagering handle was more than $1.082 billion, which provided a 2.5% uptick from December’s $1.056 billion. However, it was down a considerable 19.8% from the report of last January ($1.349 billion).
The $1 billion mark was hit for the fourth consecutive month and fifth of the last six, dating back to last year.
The handle for New Jersey betting apps (more than $1.016 billion) also was a slight 1.8% increase from December ($998,393,281) but was down 16% from Jan. 2022 ($1.21 billion).
Mobile represented a 93.9% share of the sports betting market in January. It marked the eighth straight month over 90%.
Sports betting revenue continued a downward trend from the end of last year.
January sports betting revenue posted at more than $72.33 million, a 17.5% decrease from December($87.7 million), but a 20.2% gain from Jan. 2022 ($60.196 million).
iGaming, Casinos Bested Last January Numbers
Total gaming revenue for New Jersey online casino apps and brick-and-mortar retail casinos was more than $436.87 million, a downtick of 3.9% from December ($454.79 million) but a solid 14.5% jump from January 2022 ($381.69 million).
January’s internet gaming win posted at more than $152.86 million, a 0.9% blip up from December ($151.46 million) and a nice 10.9% increase from January 2022 ($137.85 million).
“If 2023 follows historical trends and January is the lowest month of the year, then this month’s results are quite encouraging,” said Jane Bokunewicz, faculty director of the Lloyd D. Levenson Institute of Gaming, Hospitality and Tourism (LIGHT) at Stockton University School of Business.
“January 2023 ($385.4 million) beat out both January 2022 ($340.1 million) and 2021 ($295.5 million) to set a new near-term record for January monthly total GGR. A raised low-water mark to start the year off indicates that chances are good for year over year increases in GGR going forward.”
You can take a look at a Q and A with Bokunewicz from last year.
She added: “While far too early to call, continued strong performance in brick and mortar GGR could be an indicator that operators’ recent, and ongoing, investment in both the Atlantic City gaming and non-gaming product is working — allowing the resort to effectively compete in an increasingly crowded tri-state gaming market, and amid inflationary pressures and economic concerns.”