New Jersey Captures Nearly $300M In Sports Betting Revenue For 2019
- The sports betting revenue for New Jersey during December is around $29.5 million.
- The numbers for sports betting revenue is slightly down compared to November.
- The yearly revenue for 2019 is much higher when you compare it to 2018.
TRENTON, N.J. – The state of New Jersey has generated almost $300 million in sports betting revenue for the year of 2019.
The Revenue Report For December
The December sports betting revenue report has been recently released. As the report shows, the total revenue for sports betting in New Jersey for that month is around $29.5 million. This includes both online and retail sports betting.
It seems that sports bettors were on holiday in December. Compared to other revenue reports the total revenue for New Jersey sports betting decreased in December.
The November revenue report shows that sportsbooks had $32.9 million in revenue. That is about a $3.4 million loss between the two months. However, that was expected. There were fewer football games in December and more holiday breaks. Combine the two and fewer people were betting on sports in the final month of the year.
Still A Profitable Year For New Jersey
Despite the slight dip in revenue during December, 2019 proved to be a very good year for legal sports betting and the state of New Jersey. The total sports betting revenue during the entire year was almost $300 million.
This is a large increase when compared to 2018. At the end of 2018, New Jersey collected $94.1 million in sports betting revenue. However, it should be noted that sports betting in New Jersey started in June 2018. So that means that 2019 is the first full year that New Jersey sports betting was considered to be a form of legal gambling.
The year 2019 cemented New Jersey as a powerhouse in the U.S. sports betting industry. Some are considering that Atlantic City is the new sports betting mecca instead of Las Vegas. However, it is a new year for New Jersey sports betting.
It is entirely possible and likely that the profits from 2020 will eclipse the revenue collected in 2019. That will especially be the case if the sports betting industry continues to grow at the pace that it currently is.