NJ Clears $82.6M In Record-Breaking Sports Betting Revenue

NJ sports betting fans wagered $958.7 million in January.
The Garden State collected $82.6 million in revenue.
Most wagers were made on basketball.

TRENTON, N.J. – New Jersey continues to see major action in its legal sports betting market, collecting a record-breaking high in revenue in January

Sports betting handle was also through the roof, though down slightly from December. New Jersey has reached a new regular threshold of over $900 million in sports betting activity every month since November.

Online and mobile sportsbooks continue to be the primary way players partake in New Jersey sports betting with the bulk of wagers coming online. The Garden State has continued to be the biggest betting market in the country.

Record-Breaking Revenue

New Jersey begins the year with sportsbooks collecting $82.6 million in sports betting revenue. This is a 24% increase from the $66.4 million collected in December and 54% higher year-over-year.

The revenue report released by the NJ Division of Gaming Enforcement show that $958.7 million was wagered in January, down slightly 4% month over month but still an impressive hold.

Mobile sportsbooks were responsible for 92.5% of the total betting action in January, which could be due to the COVID-19 pandemic still affecting New Jersey.

Online and mobile betting has consistently been the prime way legal sports betting has been embraced in the Garden State.

Basketball The Biggest Handle

January saw an influx of wagers for both NBA betting and college basketball betting, with 33% of the total betting handle coming from those betting on basketball.

While the NFL playoffs were ongoing, just 21% of total wagers were made on football games. Parlays were responsible for 22% of all bets placed.

The February sports betting numbers may change this, however, as those betting on the Super Bowl should account for a larger percentage of the total betting handle.

New Jersey continues to be a national leader in the sports betting arena and can capitalize on the displaced New York sports betting fans who cross the bridge for mobile sports betting.

This may be a short-lived benefit, as New York officials have been more in favor of launching mobile betting on their own.

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Giovanni Shorter

Coming from a background in narrative-based writing, Giovanni strives to write stories that will keep the reader engaged. Although he does pride himself in being accurate, how the story is told is also very important to him. When he’s not keeping readers up to date on sports betting laws and legislation, you can find him writing and recording music, playing videogames, or engaged in heated sports debates with his friends.