As reported Wednesday by the New Jersey Division of Gaming Enforcement, New Jersey’s sportsbooks set a new state record for sports betting with more than $1.3 billion in January, surpassing expectations after New York launched mobile sports betting early in the month, on Jan. 8.
New Jersey’s online and retail sportsbooks handled nearly $1.35 billion in wagers during the first month of 2022, up 10% from $1.2 billion in December. Betting volume was up 40.7% year-over-year from the $958.7 million generated in January 2021. It also topped the previous state record of $1.3 billion in betting reached in October, which was a U.S. high until New York debuted.
New Yorkers wagered almost $2 billion in sports during the first 30 days of legalized mobile betting. The figures set a new record, with New York now being the state that has posted the highest handle for a 30 day period.
However, New Jersey hasn’t slowed down. Sportsbooks won $60.2 million in gross revenue, down 27% from $82.4 million in January 2021. However, it was up 2% from December’s $59 million. Sports betting taxes gave $9.3 million into the state and local coffers.
January’s numbers were bolstered by an extra week of regular season NFL games, expanded playoffs and college football’s national championship game, leading to $340 million in football betting. However, that figure was down from $398.8 million in December. On the other hand, basketball generated $553.7 million in wagers.
Online sportsbooks accounted for $1.2 billion in wagering, or 89.7% of the state’s handle in January. FanDuel/PointsBet/SuperBook topped the online market with $35.5 million in gross revenue, up from $27.6 million in December. DraftKings/Fox Bet/Resorts was second with $10.2 million in revenue.
Retail sportsbooks drew $139.2 million in wagers. Meadowlands/FanDuel topped the retail market with $2.9 million in revenue, well ahead of Resort AC’s $272,773 in revenue.
David Danzis, an analyst for PlayNJ.com, spoke about January’s numbers for New Jersey and said: “Sportsbooks have dealt with neighbors legalizing mobile sports betting before and continue 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”.
“No retail operator in New Jersey will be more impacted by New York’s sports betting expansion than FanDuel’s Meadowlands sportsbook. FanDuel has dominated both the online and retail markets since the beginning, in part, because of its close proximity to New York City. For the first time since New Jersey launched sports betting, FanDuel’s market supremacy in the state is threatened”, Danzis concluded.
Eric Ramsey, an analyst for the PlayUSA.com Network, which includes PlayNJ.com, added: “With the expanded NFL schedule and a favorable calendar, most states will set a sports betting record in January. But only New Jersey saw their most important feeder market turn into competition. Ultimately, having such a busy sports calendar in January did seem to help soften the impact of New York’s launch”.
Online casinos
When it comes to online casinos, the state set yet another month record in January with $137.8 million in online casino and poker revenue.
Revenue grew 32.8% from $103.7 million in January 2021, and broke the previous record of $133.2 million set in December.
Revenue from online casinos and poker rooms rose to a record $4.4 million a day over the 31 days of the month, from $4.3 million in revenue a day in December, yielding $24.1 million in state and local taxes.
“The momentum for online casinos will remain a stalwart for New Jersey’s gaming industry no matter how much sports betting expands in New York,” Ramsey said. “Revenue from online casinos has never been more important for the state’s tax collection.”
The nine brick and mortar casinos of the state saw a total win of $183.6 million, reflecting growth of 14.8% in a year-over-year comparison.
Original article: https://www.yogonet.com/international/news/2022/02/17/61432-new-jersey-keeps-breaking-sports-betting-handle-records-with-january-39s–13b-despite-ny-competition
