New Jersey’s sports betting handle for 2019 hit $4.58 billion. December figures from the New Jersey Directorate of Gaming Enforcement (NJDGE) show that mobile wagers made up 88% of bets placed in the state. Bettors put down $557 million, generating revenue of $29.2 million for sportsbooks. Sports betting revenue of nearly $300 million for the year contributed $36 million in state taxes.
Total gaming revenue results for 2019
The latest press release from the NJDGE shows that internet gaming win for 2019 rose 61.1% to $482.7 million in comparison to the previous period, while sports wagering gross revenue stood at $299.4 million.
Year to date figures ended December 2019 versus December 2018
|Casino/Sportsbook||Internet Gaming Handle||Sports Wagering Revenue|
FanDuel closed out 2019 as market leader
FanDuel Sportsbook posted more than $14 million in December revenue, surpassing DraftKing’s $9 million plus revenue for the same month. Nearly half of the total sports betting revenue for 2019 came from FanDuel, which posted over $149 million through its Meadowlands Racetrack license. DraftKings made $79 million via its Resorts Digital license. Monmouth Park, operated by William Hill, rounded off the top three with $25.9 million in revenue for 2019.
Football was bet on the most, generating $939.9 million in handle, while basketball nipped at its heels, producing $939.9 million in handle for the year. Parlays and baseball totaled $879.5 million and $698.4 in wagers respectively.
More than $36.5 million in state taxes
Mobile betting in New Jersey made state and local government richer by over $36.5 million. Since the Professional and Amateur Sports Protection Act (PASPA) was repealed in 2018, the Supreme Court has let individual states decide the legality of sports betting within state borders. The tax rate for sports bets also differs from state to state.
In New Jersey, sports wagers made in-person attract a 8.5% tax while online and mobile sports bets are taxed at 13%. In comparison, Nevada levies a 6.75% tax for in-person and online sports bets. As more than 80% of sports bets placed were made online, a large majority of bettors in the state were taxed at the 13% rate.
Tax revenue for the year to date ended December 2019
|Casino/Sportsbook||8.5% sports wager tax||13% internet sports tax|
Is NJ poised for $5 billion in wagers in 2020?
After setting a monthly handle record of $562.6 million in November last year, New Jersey sportsbooks will be looking to break past the $5 billion mark in 2020. With SuperBowl LIV expected to haul in a record number of bets, sportsbooks can expect a solid start to the year.