New Jersey Sports Betting Hits January Record, Outpaces NY Rivals

New Jersey Sports Betting Continues to Thrive Amidst New York’s Market Entrance

In an impressive display of resilience and growth, New Jersey’s sports betting market has not only sustained its momentum but also set a new record in January 2022. The state witnessed a staggering $1.35 billion in sports betting handle, as per the report disclosed by the Division of Gaming Enforcement on February 16. This achievement eclipsed the previous record of $1.30 billion set in October 2021, showcasing a robust 40% increase from January 2021’s $958 million in handle.

The January figures are a testament to the strength and appeal of the New Jersey sports betting market, even in the face of heightened competition from New York, where mobile sports betting kicked off on January 8. The dynamic shift in the betting landscape has led many to speculate about the potential impact on New Jersey‘s market, given the historical cross-state betting activities.

New Jersey’s sports betting handle has continued to grow significantly since January 2022, reaching a record $1.72 billion in January 2024 according to the Division of Gaming Enforcement, with online sportsbooks accounting for $1.67 billion of that total.

Pressure From New York

Before the legalization of online betting in New York, a significant portion of New Jersey’s bets were placed by non-residents, with New Yorkers notably contributing to the state’s betting volume. FanDuel reported that nearly 22% of its New Jersey platform bets were placed by New Yorkers in January 2020. The onset of legal online sports betting in New York has indeed made a splash, with the state recording $1.6 billion in handle within the first three weeks, surpassing New Jersey’s one-month record.

Despite these developments, New Jersey’s sports betting market has demonstrated remarkable strength and adaptability. The Garden State’s sportsbooks handled $143 million in bets for Super Bowl 56, marking an increase from the $117.4 million wagered on Super Bowl 55. This resulted in operators in New Jersey netting $7.8 million from the event, underlining the market’s robust health and competitive edge.

New Jersey Sports Betting Handle Remains Strong In 2022

While New York’s market entry has been explosive, New Jersey continues to prove its mettle as a leading sports betting hub. The state’s ability to maintain a strong handle amidst new competition speaks volumes about the loyalty of its bettors and the quality of its betting offerings. With major events like March Madness and the full NFL season on the horizon, the industry in New Jersey is poised for sustained growth and success.

The early indicators suggest that the sports betting industry in New Jersey is well-equipped to thrive alongside its burgeoning neighbor. This dynamic interplay between the two markets is shaping an exciting chapter in the evolution of sports betting in the region.

As we move forward, it will be fascinating to observe how these developments influence betting trends and behaviors across state lines. The competition between New Jersey and New York may very well spur innovations in the industry, benefiting bettors through enhanced offerings and services.

In conclusion, the resilience and growth of New Jersey’s sports betting market amidst new competition underscore its status as a formidable player in the national sports betting landscape. With a record-setting start to 2022 and a plethora of major sporting events ahead, the future looks bright for bettors and operators in the Garden State.