New Jersey Has Best Sports Betting Month Ever in Record-Setting January

New Jersey sports betting apps withstood a slimmed-down NFL schedule in January to post their best month ever in terms of handle and revenues - setting the stage for a strong 2024 for the best sports betting sites in the Garden State.

January marked the fifth consecutive month that New Jersey sports betting has exceeded $1 billion in total wagers, with last month's total joining the top-10 list of monthly sports betting handles of any state since PASPA was overturned in 2018. The other nine spots all belong to New York sports betting.

The New Jersey Division of Gaming Enforcement January report also revealed record revenue figures for New Jersey's best sports betting apps. Meadowlands and partners FanDuel, PointsBet, and SuperBook became the first Garden State licensee to eclipse $100 million in monthly revenue.

NJ sports betting handle reaches $1.72 billion in January

New Jersey's best sportsbooks saw a record $1.72 billion in accepted bets during January. That figure tops the previous record of $1.62 billion that was set in November and is a better than $300 million month-over-month improvement from the roughly $1.3 billion reported in December.

That $1.72 billion mark also topped January 2023's total of $1.08 billion by 58.9% and ranked eighth all-time nationally in terms of monthly handle for any state in the U.S. legal sports betting industry.

The majority of the Garden State's January record wagering handle came from New Jersey's sports betting sites, as $1.67 billion of the $1.72 billion overall sports betting activity came from online sites and other apps offering New Jersey sportsbook promos. Retail accounted for $47.6 million.

Sportsbooks also set revenue record

New Jersey's record sports betting handle in January translated to record revenues for state providers, too. In fact, the gross gaming revenues for New Jersey's best sportsbooks in January marked the fourth-best ever for the broad and expanding U.S. legal sports wagering scene.

New Jersey sportsbook revenues came in at $170.8 million in January. That figure smashes the previous state record of nearly $114.8 million set back in November 2021 and is an incredible 136.1% year-over-year spike from $72.3 million in January 2023. It's also more than $60 million better than the $109.5 million from December.

Parlay wagering was the main contributor to New Jersey sportsbooks' January winnings. Parlay bets provided an eye-opening $115.5 million in winnings in the Garden State in January. That alone would have been a revenue record for the state. "Other" sports were next with $33.9 million in winnings, basketball provided almost $23.4 million, and football accounted for just $863K in winnings.

Record handle and revenues led to record tax contribution by New Jersey sports betting apps toward Garden State coffers in January. Just over $22.2 million in taxes were paid out last month off the adjusted gross revenues.

Meadowlands on top again

The Meadowlands - whose license consists of a partnership between FanDuel, PointsBet, and the SuperBook - was once again top dog in the New Jersey market in January.

The three-skin partnership reported a record $109.3 million in January revenues, crushing its previous record of just over $59 million set in November 2021. Meadowlands became the first New Jersey licensee to eclipse $100 million in monthly revenues.

Resorts Digital Gaming, which listed DraftKings as its sole provider in January, was second in terms of revenues last month in the Garden State. It posted a respectable $40.3 million in revenues, its third-best performance ever in the New Jersey market.

Borgata's partnership, which consists of BetMGM and its own sports wagering brand, was third with $8 million in January revenues. Newcomer ESPN BET, in partnership with licensee Freehold Raceway, finished the month $1.2 million in the red.