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New Jersey Sets Sports Betting Record In January

New Jersey Sportsbooks Took $387 Million In Wagers From Gamblers, Breaking Records For Sports Betting Handle In A Single Month

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The New Jersey Division of Gaming Enforcement released January’s revenue numbers Wednesday revealing a record-setting month for Garden State gambling.

The state’s sportsbooks set a record for a total handle in a single month, taking more than $385 million in wagers from bettors in the state. The haul crushed the previous record for the state, which was set just a month earlier when New Jersey sportsbooks took $319 million in wagers.

The bettors were a little sharper in January, however, as revenue dropped despite the huge increase in total wagers. The books won $18.8 million in January, compared to its take of $21 million in December.

Revenue numbers will most likely continue to decrease when February’s totals are released, especially after gamblers won $4.5 million from the books during the Super Bowl.

In less than a year of offering sports betting, New Jersey is already competing with Nevada for the sports betting capital of the U.S. In 2018, January’s sports betting handle was $387 million in Nevada. This year, the Silver State increased to $419 million, but its East Coast counterpart is right on its heels.

Most of the action in New Jersey, roughly 80 percent, came into the books via online betting. DraftKings and FanDuel’s sportsbooks generated more than two-thirds of the revenue. DraftKings won $6.8 million from gamblers and FanDuel won $5.85 million.

The rest of the online gambling space saw a massive uptick in wagers as well. The state’s online casinos generated a record-breaking $33.6 million in revenue during the first month of 2019. It was a 53 percent increase year-over-year and $4.6 million more than the previous record, which was set last December.

Of the online casino revenue in New Jersey, only $1.88 million came from online poker. This was a 3.5 percent decline year over year, but up slightly from December’s $1.76 million.