According to analyst PlayNJ.com, New Jersey is soon expected to replace Nevada as the US sports betting hub. The forecast follows a month of successes and a new record handle that topped the online and retail sportsbooks in the state with $50 million.
They produced a total of $540.1 million in bets, up 71.3 percent in January 2019 from $385.3 million. Sportsbooks had produced $557.8 million in bets in December 2019. Basketball produced $177.5 million, or 32.9 percent of the January handle in the state, overtaking football as the top draw in New Jersey.
Since the NFL season kickoff Nevada has topped New Jersey in monthly hold. Yet New Jersey is now tracking ahead of Nevada which in January 2019 produced $497.5 million.
Dustin Gouker, lead analyst for PlayNJ.com said: “New Jersey could very well top Nevada, not just in January, but for the foreseeable future. And assuming that happens, we could be seeing the beginning of New Jersey’s more permanent place as the top market in the country.”
He added: “While still the most popular sport in New Jersey, football does not quite command the same share of the sports betting market as it does in Nevada.
“Meanwhile, basketball has proven to be a big winner for the state. That puts New Jersey in prime position over the next few months in its race to become the country’s largest legal sports betting jurisdiction.”
The January handle yielded a record revenue of $53.6 million, up 285 percent from $18.8 million won in January 2019. January resulted in $6.6 million in State tax revenue. New Jersey hit three remarkable milestones during the month: $6 billion in bets ($6.4 billion), $400 million in revenue ($447.1 million), and $50 million in sports betting taxes ($53.4 million) since the industry opened in June 2018.
Online betting remains the primary driver for advancement, producing $471.1 million, or 87.2 percent of the January handle for the state. Furthermore, new betting opportunities could help expand the market for New Jersey in February, including online-conducting Super Bowl prop bets, Oscars betting, and initial XFL interest.
Eric Ramsey, analyst for PlayNJ.com said: “New Jersey has been on the leading edge since the sports betting market first launched in 2018. No market has been as innovative, and that is a significant contributor to the rapid maturity of New Jersey’s sports betting industry.”
With $22.2 million in gross revenue, FanDuel Sportsbook / PointsBet once again leads the online market, up from $12.1 million in December. At The Meadowlands FanDuel Sportsbook led retail books with gross revenue of $4.3 million.