New Jersey saw $1.35 billion in sports betting handle during January 2022, according to a report released by the Division Gaming Enforcement on February 16, breaking the state’s previous record of $1.30 billion set in October 2021. It also marks a 40% increase from January 2021’s $958 million in handle.
The January numbers are an encouraging sign that the New Jersey sports betting market is staying strong despite mobile sports betting going live in New York on January 8.
Pressure From New York
Sports betting industry observers have wondered about the impact legalization in New York would have on neighboring New Jersey. New Yorkers would travel to New Jersey to gamble before their state legalized online betting, and a significant portion of New Jersey’s bets were made by non-residents. In January 2020, FanDuel estimated that nearly 22% of bets on its New Jersey platform were by placed by New Yorkers.
Since launching on January 8 of this year, New York has already smashed records. In its first three weeks, the state saw $1.6 billion in handle, which beat out New Jersey’s one-month record set in October 2021. Over the first four weeks of legal online sports betting, New York sportsbooks wrote $1.98 billion in wagers, some of that certainly from the state’s residents who tended to bet in New Jersey.
New Jersey Sports Betting Handle Remains Strong In 2022
New York’s market might be off to a hot start, but New Jersey has showed no signs of slowing down. The Garden State’s sportsbooks handled $143 million in Super Bowl 56 bets, up from $117.4 million for Super Bowl 55. Operators in New Jersey took home $7.8 million from this year’s game.
With the official Super Bowl numbers yet to be released, plus March Madness and a full NFL season ahead, legal New York sports betting is just getting started. Despite this, early signs are positive that the industry in New Jersey will be able to sustain itself as its neighboring state expands.
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