Online Betting Drove New Jersey's Gambling Revenue Increase In JanuaryOnline Casinos Saw An 88.4% Uptick In Revenue Year-Over-Year |
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New Jersey sportsbooks finally snapped its streak of record-setting handles, but still put up another monstrous month as Garden State bettors wagered $958.72 million on sports in January.
The books profited $86.2 million on the nearly $1 billion in bets, good for a nearly 9% hold rate. Prior to January, New Jersey sportsbooks closed out 2020 with five straight months of record setting sports betting handles, culminating in December’s $996 million.
When February’s numbers are released, there’s a decent shot at the state eclipsing the $1 billion mark. According to a Forbes report, New Jersey books accepted $117 million in bets on the Super Bowl, which was up 116% compared to the amount bet on the big game in 2020.
January’s sports betting handle represented a 77% increase year-over-year from the same time frame in 2020. Despite the decrease in total wagers accepted from December, the revenue from it went up $16.3 million from the record-setting month and up 54.3% year-over-year.
As the state’s brick-and-mortar gambling industry continues to suffer from the COVID-19 restrictions put in place by the government, the online market has thrived. More than 90% of the sports bets were placed on virtual sportsbooks.
The state’s total gaming revenue in January was $346.4 million, according to figures released by the New Jersey Division of Gaming Enforcement. It represents a 15.3% increase from the first month of 2020.
Internet gaming made up nearly one-third of that total with online casinos generating $103.8 million in revenue, up from $55.1 million in January 2020. That number only accounts for table games and does not include money won from online sports betting.
Land-based casinos experienced a 16.6% drop in revenue, reporting that the nine casinos won $160 million from gamblers. Slot machines, which are typically the highest-generating revenue stream for casinos, was down nearly 20%, making up $113.3 million of the total revenue. A year ago, it was $140.3 million.
Ocean Casino and Hard Rock Atlantic City actually saw increases in year-over-year revenue. Hard Rock netted $26.6 million in January while Ocean reported $20.5 million in winnings. Every other casino in Atlantic City reported a year-over-year decrease.
Harrah’s saw the steepest fall with a 37.7% dip and $14.7 million in revenue. As always, Borgata was the highest-grossing casino in the state with $38.24 million, but it was quite a haircut compared to the $54.68 million it won in January 2020.
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