Even with Minimal Football Wagering, Total Betting Handle Equates to $11.4 Million Bet Per Day
Despite a slight dip in the betting handle and gross revenue, legalized sports gambling continues to be a valuable source of tax dollars for New Jersey in 2019. In February, $1.6 million in tax revenue was generated, bringing the total to $3,956,700 in the first two months of the year. The below infographic breaks down the key sports wagering statistics based on February data.
Online betting continues to be the driving force of the Garden State’s sports gambling tax revenue. The convenience and simplicity help wagering on the Internet continue to outpace on-site betting, generating more than four times as much handle in February. With the gross revenue from online betting being taxed at a higher rate, it proves to be the shining star of New Jersey’s sports gambling legislation.
After a dominant January, the subsequent decrease in total handle is likely due to the clock on the NFL season reading 00:00. What is usually the most popular sport for American gamblers was still responsible for almost $31 million in wagers, though only the Super Bowl and Alliance of American Football (AAF) were played in February. Even with the NBA All-Star break, basketball was by far the top betting outlet in February, which saw $151.5 million in wagers, overtaking the nearest competitor by more than $63 million. This trend is expected to continue, as gamblers are already preparing for the NCAA Men’s and Women’s Basketball tournaments tipping off in March.