NJ Sports Betting Market Keeps On Rolling With Record January Revenue

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NJ sports betting

New Jersey set yet another new sports betting revenue record in January, with the state’s sportsbooks winning $82.6 million.

That easily surpasses the previous revenue record of $66.4 million set in December 2020. The $82.6 million mark represents a 24% increase month-on-month and a 54% increase on January 2020.

The all-time high was helped by a friendly hold rate, as operators kept 8.6% of all wagers.

Handle vs. revenue, because you asked

Meanwhile, New Jersey sports betting handle was down a tick from December, dropping 4% to $958.7 million. But NJ’s title as the largest betting market in America looks safe for a bit.

Online betting accounted for 92.5% of all action, according to the state report released Wednesday. Interestingly, basketball surpassed football as the most popular betting sport for the month. The NFL schedule, of course, is pared down in January thanks to the playoffs.

Basketball attracted 33% of all wagers, compared to football at 21%.

Parlays accounted for 22% of all wagers and proved costly for bettors with a 20% hold rate for the books.

As ever, the NJ figures are inflated by up to 25% thanks to New York residents crossing the border to bet on their phones. But that might well continue for some time to come if NY Gov. Andrew Cuomo imposes a monopoly system on the state.

Big month for FanDuel in NJ sports betting

The Meadowlands and its two partners, FanDuel Sportsbook and PointsBet, opened up a massive lead atop the NJ market.

The Meadowlands license was responsible for 56% of all NJ sports betting revenues in January. FanDuel accounts for the overwhelming majority of that revenue.

Resorts Digital, partnered with DraftKings Sportsbook and FOX Bet, was a relatively distant second with a 19% share. DraftKings drives most of the revenue for that duo.

In third place, BetMGM and land-based casino Borgata did $8.4 million in revenue for a 10% share. 

The Ocean Casino license came in fourth with $4.6 million. That includes the retail book in Atlantic City plus signups for William Hill via Ocean. William Hill operates under three different licensees.

Meanwhile, Monmouth Park and partners William Hill, theScore Bet and PlaySugarHouse finished in fifth with $3.7 million.