New Jersey is one of the best success stories for having well-planned legislation on sports betting. When the state started offering sports betting after the PASPA repeal in 2018, numbers shot up. The state was raking in millions in revenue. But even better, the state acknowledges how large online sports betting is. A lot of bookie solutions are seeing a jump in betting activity in the US. Most of the action comes from online sources. Let’s take a look at the New Jersey sports handle for January 2020 and see how it compares to last year.
New Jersey Sports Betting Handle for January
The total handle for New Jersey sportsbooks is at $540.1 million. This follows a record handle in November of $562.7 million and December’s $557.8 million. This is, of course, expected for January, as most of the football season is practically over. And this is only a 3% drop from its previous month, which still shows a healthy growth in the industry.
The best pay per head sportsbook operators have been reporting growth in betting activity in the US over the past couple of years, which is why a lot of people have been considering putting up their own sportsbooks. In fact, there are a lot of sportsbook software providers that pay per head reviews cover so people can properly filter through the available options.
Sports Betting Numbers
And in New Jersey, mobile betting for January has a handle of $471.1 million, with retail only at $68.9 million. This accounts for 87.2% of the total betting handle in the Garden State. The state’s gross sports betting revenue is at $53.6 million, which is 82.3% higher than the previous month.
Data on year-on-year growth is phenomenal. January 2019 reports $385.2 million, which increased by 40.2% to $540.11 million in January 2020. Net revenue from January 2019’s $18.7 million increased by a staggering 185.2% to $53.56 million. Meanwhile, online betting handle in January 2019 is at $304.97, which sees an increase by 54.5% to $471.14 million.