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New Jersey sportsbooks report fourth consecutive month of over 1bn in wagers

New Jersey’s online and retail sportsbooks handled $1.23bn in wagers in December 2021, the fourth consecutive month the state has attracted over $1bn in wagers.

The total fell just short of October’s record of $1.30bn, but online casinos did manage to break their revenue record, recording a total of $133m last month.

Betting volume meanwhile rose 24% from December 2020, with sportsbooks winning $59m in gross revenue, down 11% from December 2020. The total revenue generated $8.9m in state and local taxes.

But according to PlayNJ, which tracks gaming developments in the state, such high numbers could be under threat. New Jersey’s status as the largest online sports betting market in the country could now be in danger amid the launch of mobile sports betting in New York earlier this month.

“It’s fitting that New Jersey’s sportsbooks ended the year on a near-record pace, but December could mark the last billion-dollar month in New Jersey for the foreseeable future,” said David Danzis, an Analyst for PlayNJ.com. “The state’s sportsbooks have bucked expectations before, and the operators will make adjustments to ensure that New Jersey remains among the top markets in the US.”

For the year, New Jersey’s retail and online sportsbooks produced $10.9bn in wagers, the most of any US state in 2021. That volume was up by 82% from 2020.

Gross revenue amounted to $815.8m, with $122m produced in state and local taxes. The figures both represented increases of 105% from 2020.

“2021 will be remembered as the year that New Jersey was the unrivaled leader of the US market, even if that status proves to be short-lived,” said Eric Ramsey, an Analyst for the PlayUSA.com Network, which includes PlayNJ.com.

“New York will almost certainly assume the crown soon, while New Jersey will potentially slip behind Nevada and others in the coming year. Still, sports betting will remain a powerful revenue generator for the state.”

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