New Jersey sets new handle record in January despite revenue sliding 27%
Garden State reports 33% year on year rise in internet gaming win in first figures release since New York launch
New Jersey set a new sports betting handle record during January 2022, with Garden State sportsbooks taking $1.35bn in bets from players, up 40.7% year on year.
Releasing its January 2022 report, the New Jersey Department of Gaming Enforcement (DGE) confirmed January’s handle had surpassed the prior October 2021 record of $1.3bn.
January’s handle rose 9.7% month over month when compared to December’s total of $1.2bn.
Despite the record handle figure, New Jersey’s sports wagering revenue dropped during January 2022 by 26.9% year on year to $60.1m from a prior 2021 high of $82.3m, a fall of $22.1m.
In contrast, internet gaming win jumped 32.8% year on year to $138m from a January 2021 figure of $104m.
Total gaming revenue for January grew 10.3% year on year to $381.6m, or an increase of $35.5m on a monetary basis.
Casino gaming win rose by 15% year on year to $183.6m in January, buoyed in part by a 14% increase in slot machine win and a 17% year on year upsurge in slot machine win.
New Jersey authorities collected $35.1m in taxes from gambling operators during January.
This total included $20.7m made up of the state’s 15% internet gross revenue tax and $7.1m of taxes generated from the Garden State’s 13% internet sports tax.
The report is New Jersey’s first since the blockbuster opening of the New York sports betting market on January 8, with many suggesting New Jersey sportsbooks would suffer following its nearest neighbor’s launch.
New York has received a whopping $1.98bn in bets from punters during its first 30 days, with state licensed operators generating $138m in revenue.