The New Jersey sports betting handle for January as the Garden State stormed back into the top 10 all-time monthly lists for both wagering and revenue.
Handle surged 58.9% compared to the first month of 2023 as the January total supplanted the short-lived record of New Jersey, ranking eighth all-time since sports betting expanded on a state-by-state basis starting in 2018.
| State | Handle | Month |
|---|---|---|
| New York | $2,122,331,713 | November 2023 |
| New York | $2,053,736,710 | December 2023 |
| New York | $2,017,133,483 | October 2023 |
| New York | $1,965,468,151 | JANUARY 2024 |
| New York | $1,799,048,376 | January 2023 |
| New York | $1,792,885,346 | March 2023 |
| New York | $1,767,913,850 | September 2023 |
| NEW JERSEY | $1,719,170,088 | JANUARY 2024 |
| New York | $1,686,263,898 | January 2022 |
| New York | $1,644,789,642 | March 2022 |
Sportsbooks went along for the ride with the increased handle as year-over-year revenue more than doubled to nearly $170.8 million, good for the No. 4 all-time spot nationally. Parlay wagering provided the fuel for the record winnings as operators claimed an eye-watering $115.5 million — more than New Jersey’s previous total revenue record of $114.8 million in November 2021 — from the betting public on those multi-leg wagers.
New Jersey operators posted back-to-back months of nine-figure revenue totals for the first time in state history. Unsurprisingly, monthly tax receipts for Garden State coffers also hit their all-time peak at more than $22.2 million.
The parlay train is full steam ahead 4c3k4j
Running January/2024 YTD Top 10 #SportsBetting revenue by state:
1 New York $211.71M
2 NEW JERSEY $170.76M
3 Maryland $80M
4 Mass. $72.72M
5 Indiana $53.47M
6 Louisiana ~$52.7M
7 Conn. $24.86M
8 Iowa $22.06M
9 Kansas $20.86M
10 Oregon $9.49M#SportsBettingX #GamblingX— Chris Altruda (@AlTruda73) February 16, 2024
New Jersey bettors increasingly turned to parlay wagering in the final months of 2023 as operators set handle records each month from December. That contributed to a record $3.07 billion worth of those wagers being accepted last year.
The betting public started 2024 going right back to parlay bets even harder as handle for such wagers reached an astronomical $711.2 million — which would rank second behind $515.3 million worth of such bets in December) as only a handful of states provide this sport category handle and revenue.
The $115.5 million in operator winnings obliterated the previous record of $70.8 million set in November 2022 — a figure attained thanks to a 26.9% hold against $262.8 million handle. Operator performance was more middling with the expansive handle — the statewide parlay win rate was under 16.3% in January.
The catch-all “other” category, which includes golf, tennis, soccer, auto racing, boxing, and mixed martial arts in New Jersey, provided another large chunk of revenue at nearly $33.9 million. The hold was 12% on those bets collectively, with handle totaling slightly more than $283 million.
The other key source of operator revenue was from basketball, where the house reaped $23.4 million from $447.7 million worth of accepted bets to fashion a 5.2% win rate. The public, though, fared incredibly well in single-event football wagering — likely boosted by Michigan winning the College Football Playoff. Operators came away with barely $863,000 from over $282.6 million wagered, resulting in a minuscule 0.3% hold.
A known operator revenue figure emerges 3l1b6z
| State | Revenue | Month |
|---|---|---|
| New York | $211,706,706 | JANUARY 2024 |
| Ohio | $209,037,382 | January 2023 |
| New York | $189,287,146 | December 2023 |
| NEW JERSEY | $170,758,334 | JANUARY 2024 |
| New York | $167,327,704 | October 2023 |
| New York | $166,834,225 | September 2023 |
| New York | $163,582,117 | March 2023 |
| New York | $152,643,135 | May 2023 |
| New York | $151,291,344 | November 2023 |
| New York | $149,886,749 | January 2023 |
In examining the licensee-by-licensee monthly tax returns submitted to the DGE, it was observed that DraftKings was listed as the sole mobile operator on the Resorts Digital Gaming, LLC tax return. If that is indeed the case, DraftKings started 2024 in New Jersey on a bright note with nearly $40.3 million in revenue. It is the third-highest monthly total reported by Resorts, but well off the record $56.9 million reported last August.
The Meadowlands, which has the maximum three mobile skins allowable with the SuperBook conducting online betting, became the first licensee in Garden State history to sur $100 million in monthly revenue with $109.3 million in winnings. Its previous record was $59 million-plus in November 2021.
While there is no definitive breakout of revenue by operator at the Meadowlands, it appears FanDuel made out with approximately $200 million in combined revenue from New Jersey and New York in January. The mobile juggernaut set an all-time revenue mark across the Hudson to start 2024 with $109.2 million.
ESPN BET started the year with a loss as bettors came out nearly $1.2 million ahead against the skin belonging to Freehold Raceway.
Retail revenue totaled $3.9 million, with the overwhelming majority coming from the Meadowlands as it collected over $3.7 million of that amount. Six brick-and-mortar sportsbooks started the year in the red, with Caesars absorbing the biggest loss at $389,000. Resorts also took a six-figure hit, with the public emerging nearly $136,000 ahead.
