New Jersey Saw Record Revenues For Sports Betting In 2023
When the state of New Jersey legalized sports betting back in 2018, it was immediately a booming success and the state saw record numbers for tax revenue generated. But when the state of New York legalized sports betting, New Jersey saw their biggest decline in Sports Betting Revenue since the COVID-19 Pandemic shut down the sports world in 2020.
Starting in May of 2022, the state of New Jersey saw 12 consecutive months of declining Sports Betting Revenue, a direct result of New York residents being given the option to bet in their own state instead of crossing the board to wager on sports. According to Legal Sports Report, the largest drop off at one point during those months was 19.8% decrease from the previous year in the month of January 2023.
But New Jersey Sports Betting has seen a massive bounce back recently with the month of September 2023 becoming the second-highest sports betting revenue month in the state's history. In September 2023, the Garden State was really "green" as the Sportsbooks made $111.1 million with DraftKings and Resorts Digital Gaming combining for $49.9 million in online revenues.
This comes one month after the month of August 2023 became the fourth-highest revenue month of New Jersey Sportsbooks at $96 million. This was a 47% increase over the Sports Betting Revenue generated for August 2022 and made New Jersey the first state to pass the $40 Billion in sports bets received since 2018.
The record for New Jersey Sports Betting revenue is $114.8 million in November 2021' the month of November is one of the more jam-packed months of the year for sports fans with the NFL and College Football in the heart of their season along with the first quarter of the NBA and NHL seasons plus the start of the College Basketball season.
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Gallery Credit: Mike Gill