New Jersey Sports Betting Handle Smashes $1 Billion Barrier Again
New Jersey’s sports betting handle broke through the $1 billion for the fourth consecutive month in January.
New figures from the New Jersey Division of Gaming Enforcement show that sportsbooks handled $1.08 billion last month.
That represented a slight increase on the $1.05 billion wagered by Garden State bettors in December 2022, despite fewer NFL games in January.
However, it does also amount to a 20% year-on-year decline compared to the record $1.35 billion wagered in the Garden State in January 2022.
The legal sports betting industry in neighboring New York is now in full swing, and that may have made a slight dent in New Jersey’s figures.
New Yorkers now no longer need to head over the border to place their online sports wagers, so wagering in the Garden State is now driven almost exclusively by locals.
However, any predictions of a huge drop off in sports betting volumes following legalization in New York have proved to be unfounded.
New Jersey operators brought in revenue of $72.3 million in January, which was a sharp increase on the $60 million they held in January 2022.
That led to $9.4 million in tax revenue for the state, pushing it past the $300 million mark since 2018.
Meadowlands, which hosts FanDuel, PointsBet and SuperBook, led the way with $47.4 million in revenue.
Resorts Digital, the host of DraftKings and FOX Bet, was next with $12.7 million.