The December New Jersey sports betting revenue report has been revealed. Local sportsbooks pushed the market to have yet another billion-dollar betting month. This also wraps up the year, pushing N.J. to close to $11 billion in total bets placed for 2022.
While a successful year by all accounts, this is the first time N.J. did not sit as the top sports betting market in the United States.
New Jersey Sports Betting Sees Billions In Bets
The revenue report released by the New Jersey Department of Law and Justice revealed the results of December’s handle and revenue. Local sportsbooks saw $1,055,556,994 in bets for December. Of this total, online sportsbooks in N.J. were responsible for $998,393,281 in bets.
This is 94.58% of the total market. The remaining $57,163,713 came from retail sportsbooks. Sportsbooks took in $87.7 million in gross gaming revenue for December. This is a 48.5% increase year over year compared to December 2021’s numbers.
The impressive December wrapped up an outstanding sports betting year for Garden State. In total, sportsbooks saw $10,944,593,977 in bets for 2022. This is the largest yearly betting handle N.J. has ever seen.
What 2022 revealed for N.J. is that the market is gaining in popularity, despite its rival in New York becoming the dominant market. This is contrary to what many experts initially believed once N.Y. sports betting went live.
NY Overtakes NJ As Top Betting Market
With that said, New Jersey is no longer the top dog in the industry. While nearly cracking $11 billion in bets is impressive, New York saw $16.2 billion in bets for its first active year. Additionally, N.Y. operators are taxed 51% in GGR, way more than N.J.’s 14.25% tax rate.
This discrepancy sees the Empire State raking in far more in annual tax revenue than any market including New Jersey.
The dominance of New York could eventually rear its head against New Jersey if 2023 starts to show a decline in activity and revenue. However, thus far New Jersey has managed to remain a powerhouse in the betting market.
