New Jersey's Sportsbooks Keep Rolling in December, Online Casinos Boom
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Sportsbooks reach $10 billion in wagers for the year, but New York looms large in 2022, according to PlayNJ
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ATLANTIC CITY, N.J., Jan. 14, 2022 /PRNewswire/ -- New Jersey's online and retail sportsbooks attracted more than $1 billion in wagers for the fourth consecutive month and online casinos shattered their revenue record with $133 million in December, capping a remarkable year for both sportsbooks and online casinos. But New Jersey's status as the largest online sports betting market in the U.S. may be in jeopardy with the launch of mobile sports betting in New York in January, according to PlayNJ, which tracks gaming developments in the state.
"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 U.S."
New Jersey's online and retail sportsbooks handled $1.23 billion in wagers in December, falling just short of the record $1.30 billion in betting reached in October, according to official reporting released Friday. Betting volume rose 23.4% from the $996.3 million generated in December 2020.
Bettors fared far better than in November, too, when sportsbooks set a U.S. record by winning $114.8 million. Instead, sportsbooks won $59.0 million in gross revenue, which was down 11.1% from $66.4 million in December 2020. That revenue generated $8.9 million in state and local taxes.
Football drew $398.8 million in wagers, the largest share of any sport in December. Basketball drove $384.4 million in wagers.
"A 17th game added to the NFL schedule and basketball's continuing popularity helped keep action brisk throughout the month," Danzis said. "With nearly $4 billion in wagers made, the last four months have been a fantastic finish to 2021."
For the year, New Jersey's retail and online sportsbooks produced:
- $10.9 billion in online and retail wagers, the most of any U.S. state in 2021. Volume was up 81.8% from 2020.
- $815.8 million in gross revenue, up 104.7% from 2020.
- $122.0 million in state and local taxes, up 104.7% from 2020.
"2021 will be remembered as the year that New Jersey was the unrivaled leader of the U.S. 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."
Online sportsbooks accounted for $1.1 billion in wagers, or 90.3% of the state's handle in December. FanDuel/PointsBet/SuperBook topped the online market again with $27.6 million in gross revenue, down from $59.0 million in November.
Retail sportsbooks attracted $119.3 million in wagers, up from $114.0 million in November. Meadowlands/FanDuel topped the retail market with $2.4 million in revenue.
Online casinos and poker set fresh record
New Jersey's online casinos and poker rooms closed 2021 with a record $133.2 million in revenue, topping the record $127.0 million generated in October. Revenue was up 25.3% from $99.5 million in December 2020.
For the year, New Jersey's online casinos generated:
- $1.4 billion in gross revenue from online casino games and poker rooms, up 40.9% from 2020.
- $1.3 billion in revenue from online casino games alone, up 43.5% from 2020.
- $239.2 million in state and local taxes, up 40.9% from 2020.
"The expansion of online casino revenue was perhaps the best surprise of 2021," Ramsey said. "Not only did operators hold onto the gains made in 2020, they managed to build on them. The market may be nearing its ceiling. But online casinos shouldn't be impacted much by New York's online sports betting product, which will only add to their importance for the state's gaming industry in 2022."
For more: PlayNJ.com/news.
About the PlayUSA.com Network:
The PlayUSA.com Network and its state-focused branches is a leading source for news, analysis, and research related to the market for regulated online gaming in the U.S.
Contact: Zack Hall, Catena Media, 775-338-0745, firstname.lastname@example.org
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