New Jersey sportsbooks post record revenue for January

The January numbers are in for New Jersey sports betting and the Garden State had another good month. Licensed operators held onto $53.6 million of the $540.1 million wagered last month, setting a new January record and almost doubling the revenue recorded in December from a similar handle.

In December of 2019 New Jersey sports betting took in $557.8 million in legal wagers and the gross revenue came to $29.4 million. In January of 2020, the New Jersey sportsbooks had a rate of return of almost 10%. The next best month during the NFL season was October, when the revenue record was set to the tune of $46.4 million off a total handle of $487.9 million for sports wagering.

New Jersey sportsbook operators brought in almost three times what they did in January 2019. In that month there was $385.3 million wagered and revenue of $18.8 million.

January was big with Super Bowl betting. Around $2.59 billion was bet on the recently concluded NFL season.

New Jersey took in a record $6.6 million in sports betting taxes for January, which was a big increase in the tax revenue of $3.7 million in December 2019.

The New Jersey Division of Gaming Enforcement reported that there was $54.3 million wagered on the Super Bowl. The sportsbooks in the state took a total loss on the game of $4.3 million.

A pro sports bettor who goes by ‘Captain Jack Andrews’ made an estimation that around $31 million was staked at New Jersey sportsbooks by the 31st of January. This was a significant contribution to the record revenue number that January saw.

“It’s going to be hard for New Jersey to avoid its first losing month in February,” said Captain Jack Andrews.

The punter also made the point that the sportsbooks in New Jersey lost in excess of $4 million on the Super Bowl but still managed to see a profit for the month.

He said, “They dug out of a deeper hole last year, so maybe they can do it again.”

While mobile betting in New Jersey is getting closer to $500 million per month, the numbers have been in a slight decrease for the land-based casinos in Atlantic City as well as at Meadowlands Racetrack and Monmouth Park. In September of last year those land-based sportsbooks took in $71.3 million. The totals for the next four months were similar in $71 million, $75.9 million, $68.9 million, and $69 million.

However, those operators are partnered with over a dozen mobile sportsbooks. Because of it, they benefit when there are big sports betting figures wagered at online sportsbooks.

Around half of the $26.5 million land-based sportsbook betting revenue from January was wagered at the Meadowlands, which has a land-based sportsbook as well as affiliations with PointsBet and FanDuel.

Second place for last month was Resorts Digital, with its partner DraftKings, at $15.9 million, with Monmouth Park coming in third with $3.2 million. In terms of the Atlantic City casino sportsbooks, Borgata took in $3.2 million last month with Ocean Casino Resort taking in $2.3 million.

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