- The New Jersey Division of Gaming Enforcement reported a record-breaking $1.3 billion was wagered in sports in January.
- 90% of the total betting handle came from mobile sportsbooks but revenue is slightly down 26.9%.
TRENTON, N.J. – The New Jersey sports betting market has managed to break its single month wagering record in January, with sportsbooks reporting more than $1,348,860,083 was bet on sports.
This is a welcome surprise, as many legal sports betting experts predicted NJ to see some decline with the emergence of mobile betting in New York.
While NY did manage to surpass the Garden State, the record-breaking betting handle shows that the New Jersey sports betting market is still one of the biggest in the nation.
New Jersey Sports Betting Report
The official report released by the New Jersey Division of Gaming Enforcement revealed that mobile betting remains king in NJ.
More than $1,209,701,318 in wagers came from mobile sportsbooks which was 89.6% of the total market.
New Jersey did see a slight dip in sports betting revenue month over month, however. Sportsbooks raked in $64,891,365 in revenue, a 26.9% decline compared to the $82,370,277 retained in December.
Football was the second most wagered on sport in January, seeing $340.3 million wagered and $11.79 million in betting handle. Basketball saw more wagered with $553.68 million in bets, but sportsbooks only took in $3.4 million in revenue.
Baseball bets saw the biggest percentage of losses for sports bettors in NJ, with $62,273 wagered and $41,043 in revenue. This is a hold rate of 65.9%.
Parlay bets accounted for more than $267.97 million in bets and $42.87 million in revenue for a hold rate of 16%.
While New Jersey’s success is to be applauded, it is to be noted that the Garden State is no longer the number one sports betting state in the US.
New York took the crown with its record-breaking $1,624,919,978 wagered in its first active month of mobile betting. This is the single highest betting handle for any US market.
New York may not have taken away any action from NJ sportsbooks, but its early success dwarfing NJ’s all-time numbers does indicate the tides turning in the legal sports betting arena.
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Coming from a background in narrative-based writing, Giovanni strives to write stories that will keep the reader engaged. Although he does pride himself in being accurate, how the story is told is also very important to him. When he’s not keeping readers up to date on sports betting laws and legislation, you can find him writing and recording music, playing videogames, or engaged in heated sports debates with his friends.