New Jersey concluded 2020 with yet another national sports betting record in December, posting almost $1 billion in handle. New Jersey sportsbooks took $996.3 million in handle, the most ever by any US state. The December handle represents a 7% increase from the previous national best of $931 million that New Jersey posted in November and an increase of nearly 78.6% from December 2019’s $557.8 million.
Additionally, according to the state report, sports betting revenue recorded $66.4 million for a hold rate of 6.6%, drawing $7.6 million in tax revenue to the state. This represents a 31.3% increase from November’s $50.6 million and 125.6% increase year-over-year. Combined with the casino revenue taken in 2020, the Garden State saw over $2.88 billion in revenue over the course of the year.
Overall, New Jersey set three national records in November, concluding the year marred by the coronavirus-led closures and restrictions on a high.
New Jersey Overtakes Nevada
Not only was New Jersey’s sports betting revenue a record for the state, but it also made a new national record, eclipsing Nevada’s $61.8 million recorded in November 2020. Last month’s total gaming revenue was nearly $313 million, representing an 8.3% increase from November’s $288.9 million and an 8.9% increase year-over-year.
In the whole of 2020 combined, New Jersey sportsbooks also came top in terms of handle. The state took over $6 billion worth of wagers which represented a 31% increase year-on-year for the state. This figure put New Jersey in the lead nationally, claiming leadership from Nevada against which the Garden State won a historic legal battle in the US Supreme Court in May 2018. The annulment of PASPA paved the way for the expansion of legalized sports betting in the US.
Breakdown by Sport & Operator
In terms of sports wagers on, football remained the most popular among New Jersey bettors who placed roughly $323 million worth of bets on the sport in December. The next was basketball, which drew $253 million in bets, while Parlays amassed $223 million worth of bets.
The Meadowlands, along with two of its partners, FanDuel and PointsBet, led the industry with $33.2 million in revenue, of which the New York-based FanDuel accounts for the lion’s share. Resorts Digital, paired with DraftKings and FOX Bet, took the second position with $15.4 million, of which Boston-based DraftKings draws a major chunk of revenue. Third place was claimed by the BetMGM and its land-based casino partner Borgata, which did $7.5 million.
Coming in at fourth place was Monmouth Park and its digital partners William Hill, theScore Bet, and PlaySugarHouse with $4.2 million, while the Ocean Casino license grabbed the fifth position with $3.5 million.
New Jersey Mobile Handle
In December, New Jersey’s mobile handle recorded a consistent trend as it posted another national record of $929.3 million, up 6.6% from November’s $872 million and over 90% increase from December 2019’s $488.9 million. According to the state report, the mobile share was 93.3% of the total sports betting handle in December.
Online sports betting revenue more than doubled in 2020, going from $482 million in 2019 to $970 million in 2020. It seems that its popularity will only continue to grow in 2021.