The Garden State will look back fondly on 2021 as it was a record year in many aspects. However, the total gaming revenue generated in the past year is certainly front and center – with $4.47 billion in revenue, it’s unlike anything before.
New Jersey is hailed as the sports betting mecca across the US. It has established itself as a pioneer in legal sports betting and has built on its success year-on-year. However, no-one would have guessed that, in a year mired with Covid-related setbacks and issues, that the state would generate close to $5 billion in gaming revenue with a healthy portion being attributed to online and in-person sports betting.
But, this is exactly what happened. Figures released by the governing body for gaming – the New Jersey Division of Gaming Enforcement (DGE) – shows that gambling is on the up and up while sports betting remains a fan-favorite amongst those living in, and visiting, Atlantic City.
Records tumble across the board
As noted, total gaming revenue for gambling entities such as casinos and racetracks came in at $4.74 billion in 2021. This is a substantial increase of over 60% compared to 2020 where gaming revenue totalled $2.88 billion. Efforts by gambling partners to enhance exposure, particularly online, has certainly paid off over the last 12 months.
Revenue in December climbed over $400 million which was close to $100 million more than in December 2020. This speaks to an increase in revenue across the board – from casinos to online gaming as well as sports betting.
When looking at sports wagers, the state took in over $1.2 billion in the final month of the year; making it four straight months where total wagers exceeded the all-encompassing $1 billion threshold. In 2021, the annual handle for sports wagers neared an eye-watering $11 billion which is nearly double the amount of bets made in 2020 ($6 billion).
New Jersey has focused on creating a safe and reliable environment where online operators are closely monitored but still given the freedom to provide robust sports betting markets to customers via a range of platforms. The expansion of online betting has definitely played a major part in boosting the total sports handle in NJ. This is evident as gambling at brick-and-mortar establishments continues to suffer somewhat given Covid resurgences and the hesitation of many to visit in-person casinos and racetracks.
In-person gambling still feeling the effects of the pandemic
Statistics for in-person gaming shows that total winnings for gamblers visiting land-based outlets won close to $2.7 billion in 2019. This, compared to the $2.55 billion won in 2021, clearly demonstrates that the pandemic continues to play a pivotal role in shaping people’s behavior and willingness to venture out. Fortunately, New Jersey has a robust gaming industry and the option to enjoy a variety of online wagering opportunities is – if anything – on the rise.
It’ll be interesting to see how New Jersey performs in 2022 and more importantly, in comparison to the newly-minted legal sports betting market in New York. As New York has rolled out online sports betting, the Garden State might have some serious competition.
There are a number of factors that point to the Empire State possibly dethroning New Jersey as the most lucrative state for betting. It remains to be seen how 2022 plays out but if the past year is anything to go on, expect big things from Atlantic City and states across the US.
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