Revenue from sports betting in New Jersey in January dropped nearly 30% compared to the same month in 2024. The revenue figure for sports betting operators in the state was $122.2 million, according to reports released by the state.
The data from January does not include game-betting on the Super Bowl, which was played February 9. However, betting on the NFL Playoffs was part of the January activity.
Spurred by interest in the NFL Playoffs and College Football Playoff, which was played January 20, monthly New Jersey sportsbook revenue nearly doubled from December, up $59.4 million from the $62.8 million the month before. However, January is often a big month. In 2024, the state reported $170.8 million in revenue, so the year-over-year growth rate is negative at -28.4%.
Sports betting handle was $1.15 billion in January, with online sportsbooks accounting for the overwhelming portion of that, at $1.06 billion. Last January, New Jersey set a record with $1.72 billion in total handle (or total wagers placed in real dollars). The drop year-over-year for January was a staggering 33.1%.
The monthly hold for New Jersey sports betting operators was 10.61%. Retail sportsbooks grabbed $46 million in total handle, as consumers continue to prefer the convenience of mobile devices and websites. Retail sportsbooks revenue was down 6.4% compared to January of 2024, a smaller drop than online books experienced last month.
Some Sportsbooks Seeing Growth in Pursuit of DraftKings, FanDuel
Market leaders DraftKings and FanDuel both saw significant drops compared to the same month in 2024. FanDuel saw its revenue plummet by 34.2% to $53.1 million, and DraftKings slipped to $35.6 million, a decrease of 11.5%. BetMGM ($7.4 million in revenue, up 6.3%) and Fanatics ($6.8 million) finished third and fourth, respectively. Bet365 saw good growth, finishing up 29% in total revenue in January 2025 compared to the same month in 2024.
Caesars Sportsbook had an encouraging performance in January: up 50.4% in revenue to $3.5 million compared to Jan. 2024. Similarly, Hard Rock Bet rocketed up 89.8% to nearly $2 million in total revenue. Those two operators are trying to inch their way up the list of 15 licensed sports betting operators in New Jersey.
As the first state to launch a new online sports betting market following the landmark 2018 U.S. Supreme Court ruling that cleared the way, New Jersey could be a bellwether for the nation in trends.
With the Philadelphia Eagles playing in the Super Bowl against the dynastic Kansas City Chiefs in the NFL title game, it’s anticipated that betting activity was high in February. Those numbers will be released next month, with an eye toward sports betting revenue rebounding from a sluggish January.
