New Online Betting Revenue Record In New Jersey

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Sports Betting Popularity Continues in New Jersey in 2021

By Blake Roberts Founder & Editor in Chief Updated: 24 February 2021

Blake Roberts Founder & Editor in Chief

Blake Roberts is the founder of Betting.US and is currently heading the creative team as Editor in Chief. Born and raised in Morgantown, West Virginia, Blake is a great sports fan, with football and basketball being his favorite. He’s our trusted voice for all betting-related matters.

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The sports betting industry in New Jersey has enjoyed huge success recently, and it appears that this success is set to continue in 2021. Figures have recently been released showing that nearly $960 million in wagers was generated in January this year, with $82.6 million in revenue. Online casinos also enjoyed great success, breaking the $100 revenue million barrier in January.

Many officials expect this success to continue over the course of the year, with many stating that January’s success has set the stage for the remainder of 2021. In fact, some have speculated that New Jersey could reach or exceed $10 billion in sports bets this year.

Hitting Milestones Sooner Than Expected

One industry official said that both sportsbooks and casinos in New Jersey were hitting revenue and handle targets far more quickly than many expected. This is particularly impressive given the chaos caused by the global pandemic since last March.

Dustin Gouker, the lead analyst for Play NJ, said that in New Jersey:

Online casinos and sportsbooks have defied conventional wisdom from the beginning and are hitting milestones that many thought would take years longer to reach. The rapid maturation of the online products in New Jersey has made the state the new standard-bearer for the modern US gaming industry.

The figure for January was 77.5 percent higher than a year earlier when the handle came in at just over $540 million. While sportsbooks in New Jersey did not manage to break the all-jurisdiction record for handle, revenue did increase to nearly $83 million, reflecting an increase of close to 30 percent year-on-year.

A breakdown of the figures showed that over 92 percent of the sports betting handle for January was generated by online betting.

Sportsbooks in the state generated over $10 million in state taxes in January, which means that since sports betting was launched in June 2018, state coffers have benefitted from more than $107 million in total.

High Hopes for the Coming Year

While we are still at the start of the year, many industry officials have high hopes for the coming year when it comes to the New Jersey sports betting market. Although the country is in the grip of a second wave of COVID-19, there is also a global vaccination program in process, which could help to bring the country a step closer to normality.

This means that more people may start visiting retail sportsbooks again as well as using online sports betting platforms. In addition, it could mean a boost in visitor numbers and tourism, which could also equate to an increase in sports betting at retail venues.

Eric Ramsey, an industry analyst, said that the year-on-year figures showed impressive growth. He added that 2020 had been an unprecedented year for sports betting, particularly with live sports shutting down for an extended period because of the pandemic.

Ramsey also said that the coming year could bring ‘eye-popping’ results for the state’s sports betting market if sports stay on schedule and the retail market starts to recover.