New Jersey vs. New York — who’s the king of sports betting?
Despite New York's entrance into the sports betting market in 2022, New Jersey handled more sports betting volume last year than in the year prior.
Newly released figures from the Division of Gaming Enforcement suggest that the Empire State's sports betting launch in January 2022 did not end up hurting New Jersey as much as industry observers had been anticipating.
Sports wagering revenue at racetracks, the nine Atlantic City casinos, and their partners, totaled close to $763 million in 2022, according to the new figures. That's down 6.5% compared to 2021.
But prior to the New York launch, around 20% of New Jersey's sports betting handle was said to be coming from New York residents.
"I do think we've weathered the storm of New York's launch," Eric Ramsey, lead market analyst for PlayUSA.com, told New Jersey 101.5.
In December alone, sports wagering revenue in New Jersey topped $87 million. That figure was $59 million in December 2021, right before New York's entrance into the market.
Due to its population, New York has taken over as the nation's top dog for sports betting. But based on per-capital betting volume, New Jersey still leads the pack, Ramsey said.
"One of the big reasons that New Jersey is so successful is there are about two dozen brands to choose from," Ramsey said. "Just like any consumer industry, the more choice you give to customers, the more they're going to patronize that product, and the more value they can find."
Also, Ramsey said, New Jersey remains an East Coast destination for gambling. Atlantic City offers several sports betting outlets within a couple of miles of each other.
Narrowly topping 2021's figure, New Jersey sites accepted close to $11 billion worth of sports bets in 2022.
Total gaming revenue — including sports bets, internet gaming, and in-person wagering — reached $5.2 billion in New Jersey in 2022, a 10% increase from 2021.