New Jersey sure knows how to keep a billion-dollar legal sports betting handle going.
Coming off a handle of $1.05 billion in December 2022, New Jersey led off 2023 by taking in $1.08 billion worth of wagers, according to figures released by the state’s Division of Gaming Enforcement.
It marked the fourth consecutive month over $1 billion. However, New Jersey’s handle last month was 20% less than the record $1.35 billion wagered from both the state's retail and online sports betting sites in January 2022.
Still, the Garden State’s sportsbooks reported revenue of $72.3 million was up from the $60 million revenue in the first month of 2022.
The house was $15 million short of last month’s revenue, and the sportsbooks’ hold fell from 8.31% in December to 6.68% in January.
Sports betting in New Jersey led to a robust $9.4 million in taxes to put the state over $300 million all time.
Meadowlands enjoy revenue growth
It was another strong month for New Meadowlands Racetrack and its online partners. FanDuel, SuperBook, and PointsBet combined to bring in $47.4 million in revenue, which was about $9 million more year-over-year and $4.4 million month-over-month. It was the big winner in the combination of retail and online sports betting sites.
DraftKings and Fox Bet hauled in $12.7 million through their partnership with Resorts Digital in January. BetMGM, through the Borgata Casino, made $6.8 million in the month.
