The launch of sports betting in New York did not have a major impact on neighboring New Jersey in January, as the Garden State reported a record-setting handle during the month.
In January New Jersey sportsbooks reported a $1.349 billion handle. That tops the previous record handle of $1.303 billion reported in October, 2021. It was also nearly 10 percent higher than the $1.2 billion reported in December, 2021, and a 40 percent jump on the handle reported in January 2021.
The hold reported in January 2022 was a little lower than usual at 4.5 percent, which resulted in $60.2 million in revenue and an $8 million take for the tax man.
Following the launch of mobile sports betting in New York state in January there was some concern that it could take a bite out of New Jersey’s sport betting numbers. According to data supplied by GeoComply the number of bettors that took their business from New Jersey to New York was minimal at around 9.3 percent.
The number of geolocation pings in New Jersey actually increased following the New York launch. In the two weekends prior to the launch in New York New Jersey averaged around 12.6 million geolocation transactions. In the two weekends that followed the launch of sports betting in New York, New Jersey averaged around 13.1 million geolocation transactions.
In New Jersey in January basketball betting was the most popular with $553.7 million wagered on the sport. That accounted for 40.6 percent of all sports betting handle in the state during the month. Basketball bettors were pretty good with their picks, which resulted in a miniscule 0.6 percent hold on basketball bets for $3.5 million in revenue.
Football followed basketball with $340.3 million in handle during the month. The hold of football betting was better at 3.5 percent, which resulted in $11.8 million in revenue.
Rounding out the handle numbers on the New Jersey January report were parlays with $268 million in handle, and the other category (everything but basketball, football, baseball, and parlays) with $201.1 million in handle. Not surprisingly, parlays accounted for the best hold at 16 percent for $42.9 million, while the other category had a 3.3 percent hold for $6.7 million in revenue.
