New Jersey’s Sportsbooks Earn Record-Breaking $137.8m Revenues in January 2022

New Jersey’s Sportsbooks Earn Record-Breaking $137.8m Revenues in January 2022

In January 2022, New Jersey overtook competitor New York’s online gaming revenues, earning a record-breaking $137.9m. December’s monthly record showed the strong performance of New Jersey’s online casinos and poker rooms. The revenues had moved past $133.2m at the close of 2021. Year on year, the earnings were lower by 32.8% at $103.7m.

Borgata led the rich earning overhaul, with $39.1m growing stronger from its earlier $28.7m by 36.2%. The second performer was Golden Nugget Online Gaming was $36.4 m, a rise of 17% from earlier $31.1m. The third earner was Resorts Digital reported $33m, increasing 44.6%.

Digital Sportsbooks reported $1.2b from wagering, indicating that 89.7% of the revenue was from this segment, while retail sportsbooks posted $139.2m in wagers.

NY neighbours remain ‘watchful.’

Ever since New York legalized mobile sports betting, sportsbooks in neighbouring states remain ‘watchful’ about likely long term impact.

Though current earnings thrive, analyst David Danzis from PlayNJ states, “it will take a few months before knowing for certain the true impact of New York.”

Analyst at PlayUSA, Eric Ramsey believes, “The momentum for online casinos will remain a stalwart for New Jersey’s gaming industry no matter how much sports betting expand in New York.”

New Jersey’s record revenues

New Jersey’s retail and online sportsbooks reported $1.35B in wagers in January. The revenue was higher by 10% since December revenues were $1.2B. Year-on-year volume records were 40.7% higher over $958.7m reported in 2021.

Ramsey predicts that the online casino revenue growth timing cannot be “more important,” considering the state’s tax collection needs.

Sportsbooks gross revenue in January 2021 has risen by 2% from $60.2 m over December earnings of $59m. As a result, local and state coffers were richer by $9.3m from these collections.

Revenue earned in this segment rose by $4.4 m for the day, moving ahead of the 31 days of January earnings, reporting $4.3 m over the previous year. The resulting state local taxes gains were $24.1m.

In October, New Jersey had reported the highest-US betting revenue earnings of $1.3 B, a record broken by New York when it debuted!

Danzis concludes that “January’s results are certainly encouraging, showing that New Jersey’s gaming industry can weather New York’s expansion.”

About sherlock

Sherlock Gomes loves to write and express his views on anything related to Gaming, Gambling, & Casino. He has been covering Gaming for more than two years now.