Since PASPA’s repeal mid-last year, New Jersey has jumped into the sports betting industry fast. And they have been doing well ever since. One could even say that the Garden State could be the poster boy for emerging sports betting markets in the US. Of course, everything started in Nevada. But other states are slowly catching up, and raking in the money.
Any bookie pay per head provider will tell you how sports betting is getting more popular. Which is evidenced by the revenue they gain from this. Of course, states that regulate the gambling market stand to earn as well from revenue tax cuts as well as licensing fees.
New Jersey’s New Record
New Jersey, according to its state gaming regulator, the New Jersey Division of Gaming Enforcement, has announced the numbers for January 2019. According to the DGE, the handle is worth $385.3 million, which is 20% higher than December’s numbers. This means, they have beat their own record. This, of course, contains the action from the 2019 Super Bowl, which is recorded at $35 million in handles.
The betting revenue is just below $18.8 million, which is $2 million lower than December’s numbers. This does include pending wagers. The actual revenue from events that are considered completed were just below $15.5 million. Football was the top sport, contributing half of the revenue.
Online sports betting in New Jersey is just a bit shy of $305 million, which is almost 80% of the overall betting turnover. This is also higher by 25% than December. Retail betting, meanwhile, is at $2.2 million higher than December’s numbers, totaling $80.3 million. More sports betting operators will be launching online services, and with a few more sports leagues nearing the postseason, the numbers for New Jersey will definitely make gambling news in the next few months as well.