Billion-Dollar Baby: NJ Sports Betting Hits Another New Record

The sports betting records in NJ just keep coming.

The state’s sportsbooks took $996.3 million in handle in December, the most ever by any state. December handle was up around 7% from the $931 million wagered in New Jersey sports betting in November.

Sports betting revenue hit $66.4 million for a hold rate of 6.6%, according to the state report.

That shook out to $7.6 million in taxes paid to the state.

All-time highs for NJ sports betting

The revenue tally was also a new record for NJ sports betting, beating October’s $58.5 million and January 2020‘s $53.6 million.

December’s results meant New Jersey sports betting handle hit the $6 billion mark for the year, another first.

For the year, handle was up 31% from 2019‘s $4.58 billion total. And if the case for mobile sports betting needed any more weight, 94% of all handle was taken online, influenced in part by the coronavirus pandemic.

Of course the figures are pumped up by New York residents crossing the border to bet on their phones. But that may well continue for some time to come if NY Gov. Andrew Cuomo imposes a monopoly system on the state.

Football remains king

Football was again the most popular sport with $323 million in bets, followed by basketball with $253 million. Parlays accounted for $223 million in handle.

Elsewhere, The Meadowlands and its two partners, FanDuel Sportsbook and PointsBet, took the top spot in the market with $33.2 million in revenue. FanDuel accounts for the overwhelming majority of that revenue

Resorts Digital, partnered with DraftKings Sportsbook and FOX Bet, was second with $15.4 million. DraftKings drives most of the revenue for that duo.

In third place, BetMGM and land-based casino Borgata did $7.5 million. Meanwhile, Monmouth Park and partners William Hill, theScore Bet and PlaySugarHouse finished in fourth with $4.2 million.

The Ocean Casino license came in fifth with $3.5 million. That includes the retail book in Atlantic City plus signups for William Hill via Ocean. William Hill operates under three different licensees.

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