The Garden State’s sports betting handle dipped year-over-year in January, but gross revenue increased 28.4%, thanks to a sportsbook-friendly run during the NFL playoffs.
The New Jersey Division of Gaming Enforcement reported $1.15 billion in wagers, a 33.1% decrease from $1.72 billion in January 2024. The handle was also down 5% from the previous month.
Coming off a great December for bettors, operators bounced back in January with a 94.6% month-over-month increase to $122.2 million in gross revenue. It marked the highest-grossing month of the football season for online and retail sportsbooks, and their 10.6% hold was the best since September 2024.
New Jersey filled its coffers with $17.2 million in January, up from December’s $8.2 million haul.
Football win improves
Football was much more operator-friendly in January compared to December’s 3.6% win rate. The 6.1% hold in January on a $253.9-million handle led to a $15.5-million win on the sport, up 10.7% month-over-month.
The success against NFL bettors carried over to parlays, which produced a whopping $80.1 million in operator profits. Basketball produced $11.5 million in revenue on a handle of $351.9 million. Other sports led to an $11.7 million win for operators on $164.2 million in wagers.
FanDuel enjoys best football month
| Operator | January Revenue | December 2024 Revenue |
|---|---|---|
| FanDuel | $53.1 million | $29.7 million |
| DraftKings | $35.6 million | $15.7 million |
| BetMGM | $7.4 million | $6.1 million |
| Fanatics Sportsbook | $6.8 million | $5 million |
| bet365 | $4.8 million | $2.9 million |
| Caesars | $4 million | $1.7 million |
Online New Jersey sports betting accounted for $1.11 billion of the total amount wagered in January.
FanDuel kicked off a new year with a 78.9% month-over-month gross revenue. The $53.1-million profit in January was the highest in a month during the latest football season. However, the online sportsbook’s revenue was down 34.2% from January 2024.
DraftKings also saw a major leap from December 2024 with a $35.6-million haul in January. BetMGM ended the month with the third-highest revenue of $7.4 million.
Fanatics Sportsbook hauled in $6.8 million while bet365 rounded out the top five with $4.8 million in profit. Caesars had a 135% month-over-month revenue rise to $4 million in January.
ESPN BET made $2.3 million in January while Prime Sports reported the biggest loss of nearly $240,000.
iGaming revenue increases year-over-year
Retail sportsbooks at Garden State casinos and racetracks accounted for $46 million of January’s handle and $3.6 million in revenue.
New Jersey’s online casinos produced $221.6 million in gross revenue for operators and partners. The win was up 20.9% from January 2024’s $183.3 million. The iGaming revenue, however, was down from $228 million in December.
Total gaming, which also includes in-person casino gaming and racetracks, reached $553.9 million, down a slight 0.9% from January 2024 but up from the previous month’s $522.6 million. New Jersey filled its coffers with $62.1 million in total gaming tax revenue.
