The New Jersey sports betting market is one of the largest and most successful in the country- and they are starting strong this 2024 with a new record for the highest monthly handle and revenue. According to the latest data from the New Jersey Division of Gaming Enforcement, the total monthly sports betting handle for January is at $1.7 billion, with a revenue of $170.8 million.
The data they collect come from reports from both retail and online sportsbooks across the state. You can do the same thing with your online sportsbook through the PricePerPlayer.com software. You will be able to easily generate your sportsbook’s handle, revenue, hold percentage, and other important information bookies need.
For Sportsbooks in New Jersey, their latest report is record-setting, and hopefully a sign that there are better years to come for sports betting in the state. The betting handle of $1.7 billion beat the previous record of $1.6 billion in November. It is also 30.7% higher than that of December’s, and 57.4% year-over-year. The progression in the numbers as the years go on is a good indicator that the bookie industry is still lucrative.
New Jersey Sports Betting Market in Numbers
If you look at your pay per head sportsbook service, you will notice that your software can give you highly detailed reports on your sportsbook’s activity. This is not only helpful in determining your revenue, but it also helps you determine what makes your sportsbook successful. Similarly, the numbers will also tell you where there is room for improvement.
For sportsbooks in New Jersey, the football handle is over $282 million, and this just covers the end of the regular season as well as the playoffs. Basketball is the top earner for January, with $447.6 million in wagers. Baseball is surprisingly in the picture, with 30,043 in wagers. Meanwhile, parlay bets take up $711.2 million, and other sports have $283 million in wagers.
Meanwhile, the gross revenue sits at $170.8 million, which is a whopping 136.1% increase from January 2023’s $72.3 million.
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