Sat, 02 Jul 2022

N.J. hits $1B in sports wagers again, but N.Y. threat looms

Field Level Media
18 Jan 2022, 06:19 GMT+10

New Jersey eclipsed $1 billion in sports wagers for the fourth consecutive month to close out 2021, but will it be the state's last?

New Jersey recorded $1.23 billion in bets in December, a 23.4 percent improvement year-over-year against December 2020. The state nearly matched its October 2021 record of $1.30 billion.

However, with New York coming online last week, it could take a bite out of Jersey's windfall.

"It's fitting that New Jersey's sportsbooks ended the year on a near-record pace, but December could mark the last billion-dollar month in New Jersey for the foreseeable future," analyst David Danzis told SBC Americas. "The state's sportsbooks have bucked expectations before, and the operators will make adjustments to ensure that New Jersey remains among the top markets in the U.S."

Jersey led the country with $10.9 billion in wagers in 2021, up 81.8 percent over 2020.

"2021 will be remembered as the year that New Jersey was the unrivaled leader of the U.S. market, even if that status proves to be short-lived," Network analyst Eric Ramsey told SBC Americas. "New York will almost certainly assume the crown soon, while New Jersey will potentially slip behind Nevada and others in the coming year. Still, sports betting will remain a powerful revenue generator for the state."

--Field Level Media

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