In the latest gambling industry news, we are taking a look at one of the country’s largest betting markets, New Jersey. According to the latest sports betting report, New Jersey sportsbooks saw more than a billion dollars’ worth of wagers in January. Such a great way to start the year, especially since this brings New Jersey’s streak of increasing handle to four months. The boost in wagering not only shows the progression of the busy sports calendar, but also shows a still-growing betting market.
The steady climb of handle from December’s $1.05 billion gives us a boost to $1.08 billion for the month of January. However, according to the same report from the New Jersey Division of Gaming Enforcement, it also mentions a year-on-year decrease in handle. January 2022’s handle was $1.35 billion, giving us a 20% decrease.
New Jersey Sportsbooks and Its Numbers
The year-on-year decrease in handle is actually a bit easier to analyze, since we are looking at a possible loss in customers in the state. This is because wagering in New York started back in January 2022, so a lot of bettors from New York started to shift back to local options when sports betting was legalized in their state. Revenue is at $72.3 million for the month of January, which gives us a 20.2% increase.
Football took in the most amount of wagers at around $16 million, followed by basketball at $11.2 million. Meanwhile, parlays are worth $50.7 million, so make sure you always offer your players the best betting lines for these wagers.
One thing you should consider using in your pay per head sportsbook, is the option to add an online casino, and perhaps even horse racing. If you look at New Jersey’s numbers, gaming is strong, with online casino gaming saw $152.9 million, while retail casino gaming has $211.7 million. While the combined handle is not as high as sports betting, they do report a $436.9 million total gaming revenue, a 14.5% increase from January 2022’s $381.7 million.