New Jersey Sportsbooks Have Another Huge Month
New Jersey sports betting stayed hot in January with $540 million in wagers, down only 3.2% from December, but up 40% from last January. It marks the third straight month in which the state has generated more than half a billion dollars in handle. For any novice sports investors out there, handle is the total amount of money in wagers accepted.
Of note: Nevada has never surpassed $500 million in wagers in January. That likely means New Jersey is starting 2020 as the state with the biggest sports betting handle.
Mobile remained a crucial piece of the sports betting experience as online accounted for 87% of all handle. That’s down slightly from 88% in December.
New Yorkers bet an estimated $837 million in New Jersey last year without downstate sportsbooks or mobile NY sports betting.
All nine Atlantic City casinos currently offer sports betting, and there are currently 14 online/mobile sportsbooks licensed for use in New Jersey. They include the following:
- 888 Sportsbook
- BetAmerica Sportsbooks
- Caesars Sportsbook
- DraftKings Sportsbook
- FanDuel Sportsbook
- FoxBet Sportsbook
- Golden Nugget Sportsbook
- Hard Rock Sportsbook
- betMGM Sportsbook
- PointsBet Sportsbook
- Resorts Sportsbook
- SugarHouse Sportsbook
- theScore Sportsbook
- William Hill Sportsbook
“New Jersey could very well top Nevada, not just in January, but for the foreseeable future,” said Dustin Gouker, lead analyst for PlayNJ.com. He goes on to say, “And assuming that happens, we could be seeing the beginning of New Jersey’s more permanent place as the top market in the country.”
The fact that legislation has been passed and the topic of insider trading laws in sports betting are widely discussed is another sign of the market being seen as a legit investment opportunity.
As investors in the sports betting market, we here at ScoreMetrics are obviously happy about this type of regulation. It enables the market to stay healthy and keep on pumping profits into our pockets.
For a full overview of sports betting as an investment and the legal landscape of the market, make sure to read John Todora’s new book – “Zero Correlation Investing – The Score Metrics Secret”, which is now on sale for a limited time.
And don’t forget to check out all of the reports and analysis from the ScoreMetrics Labs. We’ve got you covered with new pieces on sports investing multiple times per week.
Basketball generated $177.5 million, or 32.9% of the state’s January handle, overtaking football as New Jersey’s top draw. Nevada has topped New Jersey in monthly handle since the kickoff of the NFL season. But New Jersey is now tracking ahead of Nevada, which generated $497.5 million in January 2019.
“While still the most popular sport in New Jersey, Football does not quite command the same share of the sports betting market as it does in Nevada,” Gouker said. He continues, “Meanwhile, basketball has proven to be a big winner for the state. That puts New Jersey in prime position over the next few months in its race to become the country’s largest legal sports betting jurisdiction.”
January’s handle yielded a record $53.6 million in revenue, up 285% from $18.8 million won in January 2019. January resulted in $6.6 million in tax revenue for the state.
During the month, New Jersey reached three impressive milestones:
- $6 billion in bets ($6.4 billion)
- $400 million in revenue ($447.1 million)
- and $50 million in sports betting taxes ($53.4 million) since the industry launched in June 2018
Online wagering remains the key vehicle for growth, generating $471.1 million, or 87.2% of the state’s January handle. In addition, new betting opportunities helped grow New Jersey’s market in February, including online-conducive Super Bowl prop bets, Oscars betting, and initial interest in the XFL.
“New Jersey has been on the leading edge since the sports betting market first launched in 2018,” said Eric Ramsey, analyst for PlayNJ.com. “No market has been as innovative, and that is a significant contributor to the rapid maturity of New Jersey’s sports betting industry.”
FanDuel Sportsbook/PointsBet topped the online market once again with $22.2 million in gross revenue, up from $12.1 million in December. FanDuel Sportsbook at The Meadowlands led retail books with $4.3 million in gross revenue.
New Jersey’s online casino and poker industry enjoyed its first $50 million month, generating $55.1 million in January, up 64% from $33.6 million in January 2019.
The industry is on pace to generate more than $650 million in revenue in 2020. That would smash 2019’s record of $482.7 million. And the recently launched live online slots games add a new avenue for growth.
“$700 million in revenue is within reach this year, which would have been inconceivable just a few years ago,” Ramsey said. “The industry’s ability to find new areas of growth, along with the symbiotic relationship that exists with online sports betting, will keep online casino gambling moving forward.”
The ScoreMetrics Lab is the engine that runs the Sports Trading System operation, consisting of a team of researchers and writers who are constantly testing and retesting algorithms. They work hand in hand with our Head Trader and Creator of ScoreMetrics, John Todora to help find new breakthroughs and develop new systems.