New Jersey Gambling : 4th Consecutive Billion Dollar Month
Written by Jade
Published date · Jan. 24, 2022 | Last Updated · Dec. 14, 2022 | Read Time: 2 mins
4th Consecutive Billion Dollar Month for NJ Gambling
Sportsbooks in New Jersey have reported wagers totalling more than $1 billion for the fourth month in a row.
In December 2021, New Jersey’s sportsbooks (online and retail) took in $1.23 billion in wagers, the state’s fourth consecutive month with over $1 billion in wagers. While the sum fell short of October’s record of $1.30 billion, internet casinos did set a new monthly income record of $133 million last month. Meanwhile, wagering volume increased 24 percent from December 2020, with sportsbooks earning $59 million in gross revenue, down 11% from December 2020. State and local taxes were $8.9 million on the entire revenue.
However, according to PlayNJ, which monitors the state’s gaming industry, such high figures may be in jeopardy. New Jersey’s position as the country’s largest online sports betting market may now be jeopardized with the debut of mobile sports betting in New York earlier this month. “While it’s fitting that New Jersey’s sportsbooks finished the year on a near-record pace, December may be the state’s final billion-dollar month for the foreseeable future,” said David Danzis, an analyst with PlayNJ.com. “The state’s sportsbooks have already defied expectations, and operators will make modifications to guarantee New Jersey maintains a top market in the United States.” New Jersey’s retail and internet sportsbooks generated $10.9 billion in wagers last year, the most of any US state in 2021. This volume was an increase of 82% over 2020.
Gross revenue was $815.8 million, with $122 million in state and local taxes. Both forecasts represented 105 percent growth over 2020. “2021 will be recognized as the year that New Jersey established itself as the undisputed leader in the US gambling market, even if that position is brief,” said Eric Ramsey, an analyst with the PlayUSA.com Network, which includes PlayNJ.com. “New York is almost expected to reclaim the title in the near future, while New Jersey may fall behind Nevada and others in the coming year. Nonetheless, sports betting will continue to be a significant source of revenue for the state.”