The New Jersey sports betting market had another impressive year in the industry. The state has taken in over $1 billion in wagers for the fourth straight month to close 2021 on a high note.
New Jersey Reports Over $1 Billion Once Again
Sportsbook operators in New Jersey accepted $1.23 billion in wagers for December. The numbers signified that the sports betting handle was down 2.38 percent from November, as the figures were released on Friday. The handle was still 23 percent higher when comparing December 2020’s numbers.
New Jersey became the first state to surpass the $1 billion mark in bets placed in September, and the all-time high for the state in regards to the handle was recorded in October. Mobile sports betting has been the main contributor for the handle for quite some time for the state.
Mobile Sports Betting
Mobile sportsbook providers accounted for $1.1 billion of the total handle. That is a decrease of 2.6 percent from a month ago. When comparing the year-to-date numbers, the mobile sports betting numbers have gone up 19.4 percent.
Mobile sports betting has represented 90.2 percent of the state’s handle for the month. The total online handle reached $9.9 billion for 2021, and the full-year total that includes retail sports betting reached $10.6 billion. 2020’s total was just $6 billion.
The sports betting handle figures these last few months have been great for the state. However, the state’s revenue numbers have declined. Sportsbooks only generated $59 million for the month, which is good for a 4.8 percent hold.
The revenue numbers were down 48.6 percent from November’s record-setting numbers that featured $114.8 million that was good for a 9.1 percent hold. Still, the full-year sports betting revenue hit $816 million, which is 104.7 percent higher than last year as $398.6 million was the total in 2020.
The state has generated $7.5 million in state taxes for December and $102.6 million for the year. The Meadowlands, which is home to FanDuel Sportsbook, PointsBet Sportsbook, and Superbook, led operators with $30 million in total revenue for the month.
How Will New York Affect New Jersey’s Sports Betting Handle
The question is whether or not New Jersey will take a back seat after the New York sports betting market launched last weekend. New Jersey’s sports betting handle has benefited as bettors were crossing state lines to place wagers on numerous sporting events throughout the year.
Numbers have shown that New York bettors account for 20 percent of New Jersey’s sports betting handle. However, that may all change as New York has recorded 17.2 million transactions in its first two days of operation.
Eight million of the 17.2 million transactions came from New York City. BetMGM will also launch on January 17th as four sportsbooks are already accepting wagers. Experts believe that New York will eventually take the top position in the industry as it is home to the most populous state that has an established sports betting market.