NJ Sportsbooks Online Set $1.7B Betting Record in January

posted by Ioana
February 23, 2024

January was a groundbreaking month for NJ sportsbooks online, the total amount wagered and NJ sportsbook revenue reached unprecedented heights. More, specifically, the state Division of Gaming Enforcement reported nearly $1.72 billion in bets and over $170.7 million in revenue. This marks a significant achievement for NJ sportsbook revenue and sports betting earnings, reflecting the growth and appeal of online sports betting within New Jersey.

NJ Sportsbooks Online Surpass Previous Record by $100 Million

The performance of NJ sportsbooks online in January was simply remarkable. Surpassing the previous record set in November 2023 by $100 million, NJ’s sportsbook handle and revenue showcase a thriving market. Now, online betting represented 97.2% of January’s handle with $1.67 billion in online bets. This surge only stresses the growing popularity of online sports betting. At the same time, it shows the robust framework established by Atlantic City casinos, licensed racetracks, and mobile apps.

NJ Sports Betting Skepticism Clears with Growing Success

The success of the sportsbooks is proof of the resilience and potential of New Jersey’s sports betting market. January’s figures mark it as the fifth month to exceed $1 billion in handle, demonstrating consistent high revenue since September 2023. Concomitantly, they strengthened New Jersey’s position at the forefront of legal sports betting in the United States.

This section details the concerns regarding competition and the position of New Jersey among the leading states for legal sports betting. Take a look at the detailed table below, emphasizing the consistently high revenue and detailed NJ sportsbooks revenue:

BrandOnline RevenueRetail RevenueTotal Tax ObligationTotal Revenue
Monmouth Park$1,891,696$495,164$288,019$2,386,860
Golden Nugget$67,472$6,384$543$73,856
Hard Rock$4,845,875($48,861)$630,034$4,797,014

Casinos Win Big with Super Bowl Betting Frenzy

The influence of the Super Bowl on NJ sportsbook revenue is undeniable. For example, the 2024 Super Bowl odds resulted in interesting betting patterns that highlight the event’s role in driving sports betting earnings. So, this phenomenon benefits both the NJ casinos, besides enriching the sports betting trend in New Jersey.

In conclusion, the record-setting performance of sportsbooks in January indicates the growing sports betting market in New Jersey. With consistent growth, and the significant impact of major Super Bowl events, NJ sportsbooks online continued success was assured.

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