N.J. bettors dropped $13B in wagers last year. But has the market hit its peak?

Posted by Admin January 17, 2025 Gambling

N.J. bettors dropped B in wagers last year. But has the market hit its peak?

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New Jersey’s sports wagering industry raked in nearly $13 billion from bettors in 2024 and exceeded $1 billion in gross revenue for the second straight year — both records — the state gambling regulator announced Thursday.

Sports betting revenue reached $1.09 billion before expenses and losses, which marked an 8.7% increase from its record $1.006 billion revenue figure in 2023, according to the New Jersey Division of Gaming Enforcement.

New Jersey sports betting produced $12.8 billion in action in 2024, up 7% from the $11.97 billion handle in 2023.

It marks the highest revenue and handle totals since 2018, when the Supreme Court struck down the Professional and Amateur Sports Protection Act, which paved the way for New Jersey to legalize sports wagering.

“Atlantic City sports wagering gross revenue increased 4.5% for the year-ended 2024 compared to 2023, and the sports betting industry overall saw a 6.7% year-over-year increase in the amount of money wagered by gamblers at New Jersey sports books,” said Jane Bokunewicz, director of the Lloyd Levenson Institute at Stockton University, which studies the Atlantic City gambling industry. ”This seems to indicate that this form of gambling activity has not yet peaked.”

Here’s a look at New Jersey’s annual sports wagering figures, according to the state Division of Gaming Enforcement:

Year	Handle	Revenue	Win%
2024	$12,811,517,804	$1,094,630,340	8.4%
2023	$11,972,321,473	$1,006,591,602	8.3%
2022	$10,944,593,977	$762,954,971	6.7%
2021	$10,936,041,596	$815,759,995	7.1%
2020	$6,017,707,104	$398,522,934	6.6%
2019	$4,582,941,931	$299,398,035	6.4%
2018	$1,247,290,341	$94,022,393	5.8%

Here is a look at New Jersey’s 2024 monthly sports wagering statistics, according to the state Division of Gaming Enforcement:

Month	Handle	Revenue
January	$1,719,170,088	$170,758,334
February	$1,081,171,835	$67,564,386
March	$1,329,010,828	$89,687,971
April	$1,044,283,588	$106,227,937
May	$838,946,057	$78,750,983
June	$748,417,965	$60,066,927
July	$652,275,524	$80,027,220
August	$698,839,707	$62,726,443
September	$1,089,701,413	$119,556,334
October	$1,131,684,366	$77,463,400
November	$1,224,883,112	$118,962,664
December	$1,215,654,736	$62,837,741

In 2024, New Jersey netted $141.2 million from sports wagering taxes, including a staggering $138.3 million from online sports betting. Online gaming revenue is taxed at 13% in New Jersey, although state Sen. John McKeon (D-Essex) drafted a bill last April that would double that online tax rate to 30%.

New Jersey’s 11 sports books pay an 8.5% retail sports-wagering tax, which amounted to an additional $2.9 million for the state in 2024.

The Meadowlands topped all New Jersey sports books in earnings, reporting $569.4 million in sports wagering revenue for 2024. Monmouth Park reported $21.2 million, while the recently shuttered Freehold Raceway reported $11.1 million in sports wagering revenue.

The Division of Gaming Enforcement reported the total gaming revenue reported by casinos, racetracks and their partners was $6.3 billion for 2024, reflecting a 9.0% increase from $5.78 billion reported in 2023.

“In 2024, online gaming solidified as a prominent and critical segment of New Jersey’s gaming industry,” said James Plousis, chairman of the New Jersey Casino Control Commission. “Annual internet gaming win exceeded last year’s record by more than 24%. Monthly internet gaming win ended the year strong, setting a record for the fifth consecutive month. Sports wagering revenue also set a new annual record.”

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Keith Sargeant may be reached at ksargeant@njadvancemedia.com.