New Jersey Sports Betting Not Dead Yet, Sets Record With $1.35B January Handle

New Jersey Sports Betting Not Dead Yet, Sets Record With $1.35B January Handle

By Lou Monaco

Not so fast, New York.

Despite new competition across the border, the Garden State started the year on solid footing with a record month as New Jersey state betting figures were released Wednesday.

Here are three takeaways from the New Jersey Division of Gaming Enforcement New Jersey sports betting report furnished by the (NJDGE):

FIFTH STRAIGHT MONTH OVER $1 BILLION


New Jersey ended last year with a huge handle and followed suit with an even bigger handle to start 2022.

Despite the feared mass exodus of bettors to New York when they launched mobile wagering on Jan. 8, it doesn’t appear that has been the case as New Jersey posted an inspiring total sports wagering handle of $1.349 billion, up 9.7% from December ($1.22 billion) and increased by 40.7% from January 2021 ($958.7 million).

That figure erased the state record of $1.303 million set in October 2021.

A new record was also set for mobile sports betting handle as the state posted a solid $1.21 billion, an increase of 9% from December ($1.11 billion) and up 36.4% from January 2021 ($886.65 million). The old record, also set in October 2021, was $1.18 billion.

Mobile represented 89.7% of the sports betting market in January, a modest dip of 0.5% from 90.2% in December.

The first time the 10-figure threshold was broken was in September at $1.01 billion.

On the revenue side, the state rebounded from the December close.

Sports betting revenue came in at $60.196 million, a modest gain of 1.9% from December’s $59 million, but down 26.9% from January 2021 ($82.64 million).



New Jersey Sports Betting, January vs. December

Total handle Mobile handleRevenue
January $1.349B $1.210B $60.196M
December $1.230B $1.110B $59.048M
Change Up 9.7% Up 9.0% Up 1.9%

THE RIVALRY HAS BEGUN!


The proof is in the pudding; so they say.

With New York legalized sports betting well under way and with seven of its nine approved mobile operators launching, the Empire State is now officially a behemoth in the sports betting industry.

But the fear of so many people now flocking to New York from New Jersey hasn’t really materialized, according to the first month of the new year's figures.

The Garden State actually improved in handle by close to 10% from December 2021. With the Super Bowl and the football season now in the books, it will be interesting to see how the state moves forward with upcoming events such as the Daytona 500, March Madness, The Masters, NBA/NHL playoffs and, whenever it begins, the Major League Baseball season.

One thing is for certain: Bettors in New Jersey are prepared for a fight with the neighbor.



New Jersey Sports Betting, January 2022 vs. January 2021

Total handle Mobile handleRevenue
January 2022 $1.349B $1.210B $60.196M
January 2021 $958.718M $886.656M $82.641M
Change Up 40.7% Up 36.4% Down 26.9%

INTERNET GAMING REVENUE SHOWS INCREASE


January’s internet gaming win posted at $137.85 million, up 3.5% from December’s $133.2 million and a solid 32.8% increase from a year ago ($103.77 million).

Total gaming revenue registered at $381,69 million, a decrease of 5.5% from December 2021 ($404.08 million), but up a solid 10.3% from Jan. 2021 ($346.15 million).

With the decrease of the COVID-19 pandemic and restrictions being lifted throughout the state, Atlantic City and its retail casino/sportsbooks are starting the rise to recovery. That means more visitors, more bettors and more money.

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WRITTEN BY
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Lou Monaco
Lou Monaco had been East Coast Scene columnist for Gaming Today in Las Vegas since June 2019, covering the East Coast sportsbook scene with emphasis on NJ and PA. He also currently is a part-time writer for the high school sports department for NJ Advanced Media (NJ.com) in Iselin, NJ. Lou has over 30 years sports experience with previous stints at ESPN SportsTicker, Daily Racing Form and Oddschecker.
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Lou Monaco had been East Coast Scene columnist for Gaming Today in Las Vegas since June 2019, covering the East Coast sportsbook scene with emphasis on NJ and PA. He also currently is a part-time writer for the high school sports department for NJ Advanced Media (NJ.com) in Iselin, NJ. Lou has over 30 years sports experience with previous stints at ESPN SportsTicker, Daily Racing Form and Oddschecker.
... Read More