New Jersey sportsbetting market registers a record-breaking December

The large selection of online and land-based sportsbetting services in New Jersey reportedly had a fifth consecutive record-breaking month in December after chalking up aggregated revenues of $66.4 million courtesy of a monumental $996.3 million in combined handle.

According to a report from G3Newswire, the most recent revenue figure represented a rise of over 125.6% year-on-year and was some 31% higher than the $50.6 million recorded for November. Citing official information released by the New Jersey Division of Gaming Enforcement and the source moreover detailed that December’s sportsbetting handle improved by 78.6% when compared with the same 31-day period in 2019 while being around 7% beyond the $931 million chalked up for the whole of November.

Public purse:

Last month’s success reportedly led to the eleven licensed sportsbetting operations in ‘The Garden State’ handing over a combined $8.3 million in state taxes to take their finishing annual tally to $65.1 million. For the whole of 2020 and the source furthermore explained that combined sportsbetting handle in New Jersey surpassed $6 billion for the very first time with $5.5 billion of this coming from online to produce approximately $398.5 million in aggregated operator revenues.

Online optimism:

Eric Ramsey from the online news domain at PlayNJ.com reportedly told G3Newswire that online wagers had generated about 93.3% of New Jersey’s total December sportsbetting handle with the service from FanDuel Group and PointsBet USA topping the field via $29 million in gross revenues. He purportedly also pronounced that land-based retail sportsbooks in the eastern state generated roughly $67 million in bets last month, which actually represented a decline of 11.7% year-on-year, to take this sector’s finishing annual revenues to $38.6 million.

Ramsey reportedly declared …

“Even when post-pandemic life returns to normal, online sportsbetting won’t likely give up its gains from this year. The silver lining for the industry was that this year was an opportunity for online operators to focus heavily on their products and build their customer base, using a combination of technology improvements and aggressive promotions. That has matured the market far more quickly than was projected.”

iGaming improves:

G3Newswire furthermore reported that New Jersey’s portfolio of licensed online casino and poker rooms saw their aggregated December revenues rise by 101.6% year-on-year to top $99.5 million and take the finishing annual tally up by 101% to $970.3 million. As a consequence, these services purportedly handed over a combined $145.7 million in state taxes last year including an all-time high of $14.9 million last month alone.

Reportedly read the statement from Ramsey…

It’s scary to think of where New Jersey’s gaming industry would be without online casino gaming. Every dollar of revenue gained and tax dollar generated from online gaming proved desperately needed.”

Upcoming unease:

However, local television broadcaster WPIX-TV cited a report from the Associated Press news service in detailing that New Jersey’s sportsbetting ascendency could be in jeopardy as soon as later this year owing to a planned move from neighboring New York to legalize mobile sports wagering. Such a decision would purportedly hurt sportsbooks in ‘The Garden State’ because industry experts forecast that up to 20% of the state’s current sportsbetting handle is generated by New Yorkers who cross the border in order to place a bet.

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