NJ Sports Betting Caps Off Big 2021 With Another $1B Handle Month
Turning in its fourth-straight billion-dollar monthly handle, NJ sports betting became the first state to see $10 billion in bets in a single year.
New Jersey sportsbooks handled more than $1.2 billion during December, according to a state report released Friday. The December handle brings the full-year total to $10.9 billion, up from the 2020 total of $6 billion.
New Jersey became the first state to surpass $1 billion bets in a month in September. The market’s record month was October when bettors wagered $1.3 billion.
NJ sports betting revenue way down
While the bet totals were on par with the prior three months, New Jersey revenue took a steep tumble.
Sportsbooks generated $59 million, a 4.8% hold. That take is down 48.6% from November’s record-setting $114.8 million, a 9.1% hold.
New Jersey sportsbooks hit $82.4 million and $84.2 million in September and October, respectively.
The full year brought more than $816 million in sports betting revenue to the state’s sportsbooks. That is up 104.7% over 2020 when sportsbooks generated $398.6 million in revenue.
The state collected $7.5 million in December taxes, bringing the full-year total to more than $102.6 million.
|2018||$1.2 billion||$94.0 million||$11.5 million|
|2019||$4.6 billion||$299.4 million||$42.3 million|
|2020||$6.0 billion||$398.6 million||$50.8 million|
|2021||$10.9 billion||$816.0 million||$102.6 million|
Mobile rules in New Jersey
New Jersey bettors wagered $1.1 billion online in December, or 91.7% of the total handle.
The total online handle reached $9.9 billion in 2021, or 90.8% of the year’s total.
The Meadowlands and its online sportsbook partners — FanDuel Sportsbook, PointsBet Sportsbook and Superbook — led operators in December with nearly $30 million in total revenue.
Will New York end New Jersey’s upward trajectory?
Mobile sports betting in New York launched Jan. 8 and recorded 17.2 million geolocation pings during the first weekend. More than 8 million of those pings came from New York City.
The launch included four sportsbooks, with another five operators waiting in the wings. BetMGM Sportsbook announced it will launch Jan. 17.
With New Yorkers no longer forced to cross the border into New Jersey to place mobile bets, there is a good possibility the Garden State will see a significant dip in monthly handle. Industry estimates suggest New Yorkers make up approximately 20% of NJ sports betting handle.