For the fourth straight month New Jersey topped the $1 billion mark in sports betting handle after reporting $1.2 billion in December. That came just short of the record $1.3 billion handle recorded in October earlier this year.
The 10-digit sport betting handle in December was also enough to push New Jersey’s 2021 handle over the $10 billion mark, making them the first state to do so ever. With the December handle added in, the total handle bet in New Jersey for 2021 came in at $10.9 billion.
This was quite the increase when compared to the betting handle from 2020. In 2020, with the COVID-19 pandemic rocking the sports world, the state reported only $6 billion in sports betting handle.
While the billion dollar handle streak continued in December it wasn’t the most profitable month for the sportsbooks, as sports bettors made more successful bets. In December the sportsbooks reported $59 million in revenue for a 4.9 percent hold.
That was down nearly 50 percent from the $114.8 million in revenue reported in November when they had a 9.1 percent hold. During the other months when they had a $1 billion handle the sportsbooks reported $82.4 million in revenue in September, and $84.2 million revenue in October.
The tax man collected $7.5 million from the sportsbooks in December. That brings their annual tax bill for 2021 up to $102.6 million.
As usual mobile betting dominated the market in December with $1.1 billion wagered online. That made up 91.7 percent of the entire handle. For the year $9.9 billion was bet online in New Jersey which made up 90.8 percent of the entire year’s handle.
While things continue to look bright for New Jersey sports betting in December the real test for the reigning industry leader is coming in January. On January 8 mobile sports betting went live in the state of New York. This means New Yorkers who were crossing the border to make bets online in New Jersey no longer have to do so.
According to industry estimates bettors from New York were making up almost 20 percent of all New Jersey sports betting handle. How close those estimates really are should be determined when New Jersey reports their January handle next month.
