New Jersey Sets All-Time Sports Betting Handle in January

The New Jersey Division of Gaming Enforcement reported a record $1.72 billion sports betting handle for January as the Garden State stormed back into the top 10 all-time monthly lists for both wagering and revenue. Handle surged 58.9% compared to the first month of 2023 as the January total supplanted the short-lived record of $1.62 billion established in November. Online sportsbooks accounted for $1.67 billion of January’s handle. It was the fifth consecutive billion-dollar monthly handle for New Jersey, ranking eighth all-time since sports betting expanded on a state-by-state basis starting in 2018.

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Parlay wagering provided the fuel for the record winnings as operators claimed an eye-watering $115.5 million — more than New Jersey’s previous total revenue record of $114.8 million in November 2021 — from the betting public on those multi-leg wagers. New Jersey operators posted back-to-back months of nine-figure revenue totals for the first time in state history. Unsurprisingly, monthly tax receipts for Garden State coffers also hit their all-time peak at more than $22.2 million.

New Jersey bettors increasingly turned to parlay wagering in the final months of 2023 as operators set handle records each month from September through December. That contributed to a record $3.07 billion worth of those wagers being accepted last year. The betting public started 2024 going right back to parlay bets even harder as handle for such wagers reached an astronomical $711.2 million — which would rank second behind New York as a standalone state figure. It is only the second known instance of parlay handle surpassing $500 million (Illinois sportsbooks handled $515.3 million worth of such bets in December) as only a handful of states provide this sport category handle and revenue.

The $115.5 million in operator winnings obliterated the previous record of $70.8 million set in November 2022 — a figure attained thanks to a 26.9% hold against $262.8 million handle. The catch-all “other” category, which includes golf, tennis, soccer, auto racing, boxing, and mixed martial arts in New Jersey, provided another large chunk of revenue at nearly $33.9 million. The hold was 12% on those bets collectively, with handle totaling slightly more than $283 million.

The other key source of operator revenue was from basketball, where the house reaped $23.4 million from $447.7 million worth of accepted bets to fashion a 5.2% win rate. The public, though, fared incredibly well in single-event football wagering — likely boosted by Michigan winning the College Football Playoff. Operators came away with barely $863,000 from over $282.6 million wagered, resulting in a minuscule 0.3% hold.

DraftKings started 2024 in New Jersey on a bright note with nearly $40.3 million in revenue. It is the third-highest monthly total reported by Resorts, but well off the record $56.9 million reported last August. The Meadowlands, which has the maximum three mobile skins allowable with FanDuel, PointsBet, and the SuperBook conducting online betting, became the first licensee in Garden State history to surpass $100 million in monthly revenue with $109.3 million in winnings. Its previous record was $59 million-plus in November 2021.

BetMGM and the Borgata’s in-house mobile app combined to round out the podium spots for revenue with more than $8 million. ESPN BET started the year with a loss as bettors came out nearly $1.2 million ahead against the skin belonging to Freehold Raceway. Retail revenue totaled $3.9 million, with the overwhelming majority coming from the Meadowlands as it collected over $3.7 million of that amount. Six brick-and-mortar sportsbooks started the year in the red, with Caesars absorbing the biggest loss at $389,000. Resorts also took a six-figure hit, with the public emerging nearly $136,000 ahead.

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