New Jersey sportsbooks set new market record in handled wagers
New Jersey continues to handle more wagers each month. The state’s sportsbooks took $385m in wagers in January, according to figures released by the New Jersey Division of Gaming Enforcement (DGE).
Bookmakers took $385m in January, one-fifth more than the previous month, a new record. Those numbers are heavily influenced by betting on February’s Super Bowl won by the New England Patriots. Reports suggest that almost $35m was wagered on the Super Bowl, although much of that may have been wagered in February.
Betting handle was $305m for the month, which was 80% of overall turnover, a 25% rise from December. Retail wagering rose by $2.2m on the month to $80.3m.
However, revenue for the month was actually lower than in December. January’s betting revenue of $18.8m was almost $2m lower than the month prior.
FanDuel’s Meadowlands racetrack continues to dominate proceedings, taking $7m in revenue. Though it only just beat DraftKings’ sportsbook at the Resorts Digital Gaming, which took $6.9m. Next up was Monmouth Park, which had revenue of $2m, followed by the Ocean Resort Casino, with $1.27m.
Online gambling also grows
Online gambling also surpassed all other previous months. Operators took in $33.6m revenue in January, which is $4.6m more than in December last year. Online casino generated a whopping $31.7m of that total, which was a 58% increase on the year and $4.5m more than the previous month.
The Golden Nugget continues to dominate in this arena. It set a new record of $12.18m revenue, which all came from online casino. Resorts Digital Gaming came next, with $6.45m revenue, a new personal record.
Online operators will be watching the evolving saga around the Federal Wire Act closely. In January, the US Department of Justice (DOJ) reversed its interpretation of the act, stating all forms of online gambling that cross state lines should not be allowed, rather than just sports betting.
Industry figures have been dismayed by the new ruling and many believe it would be difficult to enforce. Stakeholders and some states are currently looking at ways of contesting the ruling.