The New Jersey January handle was down slightly from the $1.3 billion from this same period last year. Retail sportsbooks handled $65.8 million in January wagers, but it was nowhere near the over $1.01 billion bet online through the 27 licensed online New Jersey sportsbooks.
Meadowlands Tops in January
Meadowlands Racetrack saw a 24.2% increase in handle in January—the operator earned $47.5 million in revenue and up from the $38.3 million January 2022 revenue. Meadowlands partners FanDuel, PointsBet, and SuperBook accounted for $45.5 million in winnings.
Resorts Digital finished January with $12.7 million in revenue, while WynnBet and US Bets 888 accounted for a combined $400,000 in net losses for January.
Basketball is King
New Jersey sports bettors plunked down $382.3 million in basketball wagers during January for a 2.9% win rate.
The New York Knicks and Brooklyn Nets are having solid seasons, and the 358 NCAA basketball teams in 32 Conferences opened up conference play in January.
Football has a Strong January
Betting on football is a New Jersey staple, and Garden State punters hammered the counter for $280.9 million in the betting handle.
That gave the NJ sportsbooks a 5.4% win rate based on the ending of the NFL regular season, the NFL Playoffs, and the college football season-ending.
Parlays Keep the Sportsbooks in Business
There is a reason sportsbook operators offer such things as teasers, round-robins, same-game parlays, and accumulators–they make the bookies money, and the sportsbook had a whopping 18.6% win rate on $272.4 million in January wagers.
If Super Bowl LVII is indicative of what lies ahead, New Jersey sportsbooks should have a banner February – Garden State bettors wagered $109.3 million on Super Bowl LVII. The books saw a profit of $12.8 million and $5 million more than Super Bowl LVI.