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SPORTS BETTING

US – New Jersey’s sportsbooks keep rolling in December with online casinos booming

By - 17 January 2022

New Jersey’s online and retail sportsbooks attracted more than $1bn in wagers for the fourth consecutive month and online casinos shattered their revenue record with $133m in December, capping a remarkable year for both sportsbooks and online casinos.

But New Jersey’s status as the largest online sports betting market in the US may be in jeopardy with the launch of mobile sports betting in New York in January.

“It’s fitting that New Jersey’s sportsbooks ended the year on a near-record pace, but December could mark the last billion-dollar month in New Jersey for the foreseeable future,” said David Danzis, an analyst for PlayNJ.com. “The state’s sportsbooks have bucked expectations before, and the operators will make adjustments to ensure that New Jersey remains among the top markets in the US.”

New Jersey’s online and retail sportsbooks handled $1.23bn in wagers in December, falling just short of the record $1.3bn in betting reached in October, according to official reporting released Friday. Betting volume rose 23.4 per cent from the $996.3m generated in December 2020.

Bettors fared far better than in November, too, when sportsbooks set a US record by winning $114.8m. Instead, sportsbooks won $59m in gross revenue, which was down 11.1 per cent from $66.4m in December 2020. That revenue generated $8.9m in state and local taxes.

Football drew $398.8m in wagers, the largest share of any sport in December. Basketball drove $384.4m in wagers.

“A 17th game added to the NFL schedule and basketball’s continuing popularity helped keep action brisk throughout the month,” Danzis said. “With nearly $4 billion in wagers made, the last four months have been a fantastic finish to 2021.”

For the year, New Jersey’s retail and online sportsbooks produced $10.9bn in online and retail wagers, the most of any US state in 2021. Volume was up 81.8 per cent from 2020. It generated $815.8m in gross revenue, up 104.7 per cent from 2020, providing $122m in state and local taxes, up 104.7 per cent from 2020.

“2021 will be remembered as the year that New Jersey was the unrivaled leader of the US market, even if that status proves to be short-lived,” said Eric Ramsey, an analyst for the PlayUSA.com Network, which includes PlayNJ.com. “New York will almost certainly assume the crown soon, while New Jersey will potentially slip behind Nevada and others in the coming year. Still, sports betting will remain a powerful revenue generator for the state.”

Online sportsbooks accounted for $1.1bn in wagers, or 90.3 per cent of the state’s handle in December. FanDuel/PointsBet/SuperBook topped the online market again with $27.6m in gross revenue, down from $59m in November.

Retail sportsbooks attracted $119.3m in wagers, up from $114m in November. Meadowlands/FanDuel topped the retail market with $2.4m in revenue.

New Jersey’s online casinos and poker rooms closed 2021 with a record $133.2m in revenue, topping the record $127m generated in October. Revenue was up 25.3 per cent from $99.5m in December 2020.

For the year, New Jersey’s online casinos generated $1.4bn in gross revenue from online casino games and poker rooms, up 40.9 per cent from 2020.

$1.3bn in revenue from online casino games alone, up 43.5 per cent from 2020.

$239.2m in state and local taxes, up 40.9 per cent from 2020.

“The expansion of online casino revenue was perhaps the best surprise of 2021,” Ramsey said. “Not only did operators hold onto the gains made in 2020, they managed to build on them. The market may be nearing its ceiling. But online casinos shouldn’t be impacted much by New York’s online sports betting product, which will only add to their importance for the state’s gaming industry in 2022.”

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