NEW JERSEY SPORTS BETTING HITS REVENUE RECORD

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New Jersey’s sports betting industry hit a revenue record in January of more than $50 million. And that may well have put it on the cusp of becoming the USA’s permanent No 1 sports betting state – again.

And this time it could stay up there for quite some time.

The Garden State’s online and retail sportsbooks were briefly the nation’s market leaders in betting in mid-year 2019. Long-time US sports betting kingpins Nevada, however, took back their crown when the football season began. And they’ve kept it until now

New Jersey’s gaming authority this week released January’s gambling and betting figures. They showed that it’s online and retail sportsbooks had captured $540.1 million in bets which was 71.3% up on the $385.3 it generated In January 2019.

Nevada’s trading figures for their sportsbook industry won’t be available until later this month. But looking back at the $497.5 million Nevada generated last year, analysts believe NJ could well be back in front. And not just for January, but also for the foreseeable future.

On the revenue front January yielded a record $53.6 million for New Jersey’s sportsbooks and Casinos. That was up 285% on January 2019. Tax-wise, the Garden State benefitted to the tune $6.6 million.

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Big message for New York

Once again there was a big message for State’s like New York which has allowed retail sports betting, but bans it online. Of NJ’s $540.5 total January handle, $471.1 million, or a whopping 87.2% was generated online.

Basketball generated $177.5 million in January handle. That was 32.9% of the New Jersey’s total for the month and it pushed football into second place with $128 994.

Football remains the Americans favourite sport but for some unknown reason basketball is the big betting winner in the Garden State. And with the NBA in full swing and the NFL on break right now, it could put the Garden State in a strong position in the coming months.

New Jersey, the driving force behind the end of sports betting prohibition in May 2018, reached three standout yardsticks in January.

Its sportsbooks industry has netted a total of $6 billion in handle since its launch of legal sports getting in June 2018. It has also generated $447.1 million in revenue and paid $53.4 million in state taxes.

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