N.J. sportsbooks bring in $950M+ in bets in January, but record streak is snapped

New Jersey’s sportsbooks saw wagering slow slightly in January, but still took in more than $950 million in bets for the month, according to gaming analysis website PlayNJ.

The state’s sportsbooks did set a new record with more than $82 million in revenue, PlayNJ noted. And its online casinos also set a record, becoming the first legal gaming jurisdiction to top the $100 million revenue mark for a month.

“New Jersey’s online casinos and sportsbooks have defied conventional wisdom from the beginning, and are hitting milestones that many thought would take years longer to reach,” Dustin Gouker, PlayNJ’s lead analyst, said in a prepared statement. “The rapid maturation of the online products in New Jersey has made the state the new standard-bearer for the modern U.S. gaming industry.”

Sportsbooks collected $958.7 million in wagers for the month, PlayNJ said, up 77.5% from January 2020, but falling short of a sixth consecutive record month. Meanwhile, the revenue mark of $82.6 million was up 29% from the year-ago period and topped December’s record mark of $66.4 million.

“Even with a lower volume of sports, New Jersey sports betting continued to hover near the $1 billion mark, albeit taking a slight dip in handle,” Gambling.com Group’s Max Bichsel said in a statement. “The state continues to exemplify how successful regulated sports betting can be when monitored correctly.”

The figures meant $10.4 million in state taxes were collected for the month, pushing New Jersey past the $100 million mark all time, with $107.3 million in taxes collected since the start of legalized sports betting in June 2018.

“Handle may have been down, but revenue was up due to an excellent month for sportsbooks,” Bichsel said. “A win for the sportsbooks translates to a win for the state, with a record $10 million in tax revenue.”

Online sports betting was responsible for 92.5% of the “handle,” or $886.7 million.  But retail sportsbooks brought in $72.1 million in bets, up from December’s mark of $67 million.

“As vaccine distribution continues to roll out and consumer confidence returns, we can expect to see Atlantic City’s casino revenue improve alongside those of other gaming jurisdictions,” Jane Bokunewicz, coordinator of the Lloyd D. Levenson Institute of Gaming, Hospitality and Tourism at Stockton University, said in a statement. “Atlantic City may even have an advantage on gaming market leader Nevada, in that New Jersey is far less dependent on a ‘fly-in’ visitor base, and can draw ‘drive-in’ visitors from the dense population ce4nters of the mid-Atlantic region.”

Online casinos, meanwhile, raked in strong revenues overall, generating $103.8 million in January, up 88.4% from a year ago and breaking December’s record of $99.5 million. The wins generated another $15.5 million in state taxes, PlayNJ said.

“Online casino games continue to show no signs of letting up,” PlayNJ analyst Eric Ramsey said in a statement. “Obviously, with pandemic-related restrictions in place on Atlantic City casinos, online casinos were in position to pick up some slack. But the online gains made over the last year should withstand the reopening of retail casinos, continuing to buoy the entire gaming industry.”