NJ Breaks Betting Revenue Record

Garden State Shows $170.76 million in Sports Betting Revenue for January

February 19, 20240 123 2 minutes readGambling News

NJ Breaks Betting Revenue Record — Kyle Mazza / NurPhoto / NurPhoto via AFP

Sports Betting Handle is Huge

It was a record-setting month in January for New Jersey gambling operators. A number of all-time revenue records were set, with the state’s gambling operators seeing revenue of $559.1 million, according to numbers released by the New Jersey Division of Gaming Enforcement on Feb. 16. That’s a 28% increase from January 2023 and up 7.1% from December’s total. It wasn’t too surprising that NJ breaks betting revenue record considering online revenue made a huge jump.

But the casinos like to see in-person winnings and they didn’t fare as well there. The amount of money won from in-person gaming was $205 million, although that’s actually a 3.1% decrease from January 2023. Slot machines, typically the biggest in-person revenue generator for casinos, fell 5.8%.

But the casinos still made $143 million from slots. Table games revenue increased 3.7% to $62.1 million.

Sports Betting Handle is Huge

New Jersey reported sports betting profits of $170.76 million, the most ever made in a single month. The main reason NJ breaks betting betting revenue in sports was due to the handle. New Jersey saw a staggering $1.72 billion wagered on sports in January, a 5.3% increase from last year. Nearly all of this was bet through online sports betting sites, as $1.67 billion was placed through sports betting apps or the Internet. Just $47.4 million was wagered in person.

New Jersey released its January sports betting handle totals. $1.71 billion for the month. It’s a new record for the state. pic.twitter.com/or1xBr2m3a
— RLinnehanXL (@RLinnehanXl) February 19, 2024

Traditional online gambling accounted for $183.3 million in revenue, which was up 19.9% from last year and an all-time high. Online slots made up $180.8 million, while online poker showed a slight decrease and brought in an additional $2.5 million.

That may sound like good gambling news for the casinos, but they’re more interested in the in-person gambling profits. Online betting and sports betting profits have to shared with the sportsbooks, online gambling platforms and others. The casino doesn’t keep the entire amount as they do with in-person gambling wins.

One reason for the rise in online gambling compared to last January is the likely the weather. January was pretty rough this year, especially compared to last year. That could be responsible for keeping gamblers at home. But they weren’t about to let that stop them from gambling.

They just did it at home instead of the casinos. Setting an all-time revenue record is good for casinos no matter how they spin it. But the next time NJ breaks betting revenue record, the casinos hope to see more profits from in-person gambling. That’s where their bread-and-butter is and they get to keep all the winnings.

For gambling news, odds analysis, and more, visit Point Spreads Sports Magazine.