In the 12 months since a legal sports betting industry was launched in New Jersey, retail and online sportsbooks have generated nearly $3 billion in bets and nearly $200 million in revenue.
“We knew that sports betting in New Jersey would be successful, but it is fair to say that so far it has exceeded our expectations,” said Dustin Gouker, lead sports betting analyst for PlayNJ.com. “$3 billion in bets in 12 months is an impressive milestone by any measure, and in just a year, New Jersey is set up to become the nation’s largest legal sports betting market.”
Indeed, New Jersey appears ready to surpass Nevada in the “monthly handle” for the first time, given the Garden State’s “monthly handle” of $318.9 million in May. “…clearly the state is on its way to becoming the largest legal sports jurisdiction in the country,” Gouker said.
New Jersey sports bettors continue to favor online sports betting, which accounted for $263.6 million, or 82.6 percent, of May’s handle. The state’s retail sportsbooks made up the remainder.