Propelled by a month-long frenzy of betting on the NFL Playoffs, capped by the biggest game of all in Super Bowl 54, New Jersey sportsbooks shattered their previous revenue record in January.
Per the latest monthly revenue reports released by the New Jersey Division of Gaming Enforcement (NJDGE), the Garden State’s regulated sportsbooks – both brick and mortar and online / mobile – combined to win more than $53.5 million from bettors last month.
Record Smashed on Third Straight Month of Half-Billion Handle
With a cumulative win of $53,561,626 in January, 10 New Jersey sportsbooks operating nine online / mobile platforms shattered New Jersey’s previous revenue record of $46.4 million set last October.
Based on a year on year comparison to January of 2019, the revenue haul grew by 185 percent from $18.8 million.
The record win rate was generated via $540,113,452 in handle, or the total sum of bets placed statewide before winning wagers were paid back. While not quite a record – the more than half-billion handle marked a staggering 40 percent year on year increase ($385.3 million).
Gaming regulators in Nevada haven’t released their monthly data just yet, but based on $497.5 million in handle from January of last year, analyst Dustin Gouker of PlayNJ.com foresees New Jersey topping the Silver State sooner rather than later.
“New Jersey could very well top Nevada, not just in January, but for the foreseeable future.
And assuming that happens, we could be seeing the beginning of New Jersey’s more permanent place as the top market in the country.”
Eric Ramsey, Gouker’s reporting colleague at PlayNJ.com, pointed to New Jersey’s consistent track record of embracing online / mobile innovation in explaining January’s revenue explosion:
“New Jersey has been on the leading edge since the sports betting market first launched in 2018.
No market has been as innovative, and that is a significant contributor to the rapid maturity of New Jersey’s sports betting industry.”
Much of the record total was generated by online / mobile wagering, with the vertical accounting for 87 percent of revenue ($46.7 million) and handle ($471.1 million).
Capitalize on Super Bowl Fever to Shatter Revenue Record
Interestingly enough, December’s record handle of $557.8 million only generated roughly half the revenue ($29.4 million) when compared to January.
According to professional sports bettor known as “Captain Jack Andrews” on social media, that discrepancy can be largely attributed to the timing of Super Bowl 54. As the pro handicapper pointed out, with the betting world’s most anticipated sporting event scheduled for February 2, any wager placed on or before January 31 is attributed to that month’s NJDGE statistics.
In a separate post-Super Bowl report, the NJDGE revealed that local sportsbooks accepted $54.3 million in bets on the big game alone – a year on year spike of over 50 percent from $34.8 million in handle on Super Bowl 53.
But for the second time in as many years, sports betting books in New Jersey tallied a combined loss on Super Bowl betting, paying out $4.3 million in 2020 compared to $4.5 million last year.
Despite the Super Bowl specific setbacks, Gouker expects the interest generated by pro football’s championship game to carry over as the “March Madness” college basketball season gets underway:
“While still the most popular sport in New Jersey, football does not quite command the same share of the sports betting market as it does in Nevada.
Meanwhile, basketball has proven to be a big winner for the state. That puts New Jersey in prime position over the next few months in its race to become the country’s largest legal sports betting jurisdiction.”