NJ Sportsbooks Set Another Handle Record Despite NY Mobile Launch

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NJ sportsbooks

The heavy promotional environment around New York‘s mobile launch did not stop NJ sportsbooks from hitting another handle record in January.

New Jersey sportsbooks took $1.349 billion in bets for January. That tops the $1.303 billion reported in October by 3.5%. It is also 9.7% better than December’s report and 40.7% higher than January 2021.

NJ sports betting hold was a bit low at 4.5%, resulting in $60.2 million in revenue. That translated to a little more than $8 million in taxes.

NJ sportsbooks hit record despite huge competition

There was some concern over how New Jersey’s January report would look when New York sportsbooks started to post huge numbers. Those sportsbooks eventually took almost $2 billion in total bets in their first 30 days.

Data provided by GeoComply suggested New York’s launch did not have a big impact on New Jersey over the first 10 days, though.

Just 9.3% of those betting in New York over those first 10 days previously bet at New Jersey sportsbooks, GeoComply said.

There also was no slowdown in NJ geolocation transactions after New York’s launch.  New Jersey averaged 12.6 million geolocation transactions for the two weekends before New York’s launch. That jumped to an average of 13.1 million transactions on average for the two weekends after launch.

NJ sportsbooks saw Super Bowl growth, too

Another positive sign for NJ’s market is its Super Bowl betting growth over last year.

NJ sportsbooks took $143.7 million in Super Bowl bets, up 22.4% from 2021.

New York will report its Super Bowl stats Friday.

Basketball led handle but killed revenue

Basketball was the sport of choice for January with $553.7 million in bets on completed events. Despite accounting for 40.6% of the $1.363 billion in completed event handle, it made up just 5.3% of the $64.9 million in completed event.

Sportsbooks held just 0.6% for $3.5 million in basketball revenue.

Football, the second biggest sport with $340.3 million in completed event bets, did not help much on the revenue front either. With a 3.5% hold, those bets led to $11.8 million in revenue.

Parlays accounted for the vast majority of revenue with a 16% hold on $268 million in handle for $42.9 million in revenue.

The other category – everything but football, basketball, baseball and parlays – accounted for $201.1 million in completed event handle. That led to $6.7 million in revenue on a 3.3% hold.