New Jersey Sports Betting Handle in January Up 40% From 2019

New Jersey Sports Betting Handle in January Up 40% From 2019

New Jersey started 2020 in a big way by posting $540.1 million in total handle for January, according to the latest report filed by the state's Division of Gaming Enforcement.

The Garden State had ended 2019 by posting a record handle in November at $562.7 million and a near-record handle in December at $557.8 million.

With the bulk of football season behind it, a drop in the overall handle in January at New Jersey sportsbooks was expected. But the drop of just around 3% indicates that the sports betting market in New Jersey is growing at a spectacular rate.

New Jersey mobile betting, as always, accounted for the vast majority of the market with $471.1 million in online handle. Retail betting followed at $68.9 million. After an impressive 87.6% of total betting action in the state cam through the state's 14 online sportsbooks during December, the new year began with a similarly robust 87.2% of the action coming on mobile in January.

Moreover, January’s gross sports wagering revenue was $53.6 million, a sharp 82.3% rise over the prior month.

New Jersey Sports Betting Revenue, Jan. 2020 vs. Jan. 2019

Jan. ‘20Jan. ‘19Change
Net Revenue$53.561M$18.775M +185.2%
Total Handle$540.113M$385.280M +40.2%
Online Handle$471.149M$304.974M +54.5%

January 2020 vs January 2019

The state reported staggering growth in year-over-year numbers. The total monthly handle for January 2020 was up 40.2% over January 2019's $385.2 million. Mobile betting was up 54.5% from the $304.9 million that started 2019.

Additionally, the gross sports wagering revenue for January 2020 was almost triple – compared to $18.8 million reported last year, January 202 saw a 185.2% increase.

New Jersey Mobile Betting Dividends Growing

New Jersey closed 2019 with a full calendar year of data suggesting that providing bettors with a robust, competitive and easy-to-access mobile betting market was the best model for creating a financially successful sports betting market.

Last year, around 83% of the total action in the state came via mobile betting, and that number only increased toward the end of the year as the market continued to mature. In fact, the end of 2019 closed out with a bang when over 87% of the bets came through New Jersey's industry-leading mobile betting market.

The fact that the state maintained that pace to start 2020 indicates 87% might be the new normal as the rest of the year approaches.

New Jersey Sports Betting Revenue, Jan. 2020 vs. Dec. 2019

Jan. ‘20 Dec. ‘19Change
Net Revenue$53.561M>$29.425M+82.0%
Total Handle$540.113M$557.786M-3.1%
Online Handle$471.149M$488.931M-3.6%

New Jersey All Winners in December

New Jersey state regulators don’t include financial breakdowns for each specific sportsbook, but they do report revenue totals for each of the licensed casino entities from which the sportsbooks operate.

In the latest sports wagering revenue numbers, the biggest winners compared to December Harrah's, Hard Rock and Resorts, all of which bounced back from losses. Harrah's went from losing $107,646 in December to making $107,424 in January. Hard Rock went from minus $345,624 to plus $336,466. Resorts, which went $406,493 in the hole in December, made $163,436 to start 2020.

The biggest overall earner continued to be Meadowlands with $26.4 million in total revenue, up 82% over December. Resorts earned the least but, again, it gained rather than enduring December’s losses.

In total, all 11 license holders saw gains over the previous month's revenue numbers.