The online and retail sportsbetting market of New Jersey could reportedly be well on its way to regularly becoming the nation’s most lucrative after posting a 285% increase year-on-year in January combined handle to well over $50 million.

According to a Thursday report from the online gambling news domain at PlayNJ.com, the record figure may elevate New Jersey’s sector above that of Nevada for the first time since August to again put ‘The Garden State’ firmly in top spot when it comes to American sportsbetting.

January joy:

PlayNJ.com reported that online and land-based sportsbooks in New Jersey generated January aggregated handle of $53.6 million as combined wagers rose by 71.3% year-on-year to top $540.1 million. Although this latter figure was a little over 3% down on December’s tally of $557.8 million, it still saw the market generate state taxes for the 31-day period of approximately $6.6 million.

Meeting milestones:

Dustin Gouker from PlayNJ.com reportedly explained that the sportsbetting sector of New Jersey also managed to hit a trio of important landmarks last month as aggregated wagers since June of 2018 reached $6.4 billion to generate some $447.1 million in revenues alongside $53.4 million in state taxes.

Reportedly read a statement from Gouker…

“New Jersey could very well top Nevada, not just in January, but for the foreseeable future. And assuming that happens, we could be seeing the beginning of New Jersey’s more permanent place as the top market in the country.”

Decided dominance:

Eric Ramsey from PlayNJ.com reportedly detailed that online sports wagering had accounted for a giant 87.2% of New Jersey’s total sportsbetting handle for January at $471.1 million with this figure expected to grow for February due to prop bets on Super Bowl LIV alongside interest in the new XFL gridiron football league and 92nd edition of the Academy Awards.

Ramsey reportedly stated…

“New Jersey has been on the leading edge since the sportsbetting market first launched in 2018. No market has been as innovative and that is a significant contributor to the rapid maturity of New Jersey’s sportsbetting industry.”

Prominent players:

Ther operator announced that the FanDuel sportsbook from Flutter Entertainment and PointsBet Holdings Proprietary Limited once again topped the online sportsbetting market of New Jersey after recording an over 83% swell month-on-month in January gross revenues to $22.2 million. For land-based sports wagering and the domain furthermore noted that Meadowlands Racetrack had come out on top with monthly takings of $4.3 million.

Hoops importance:

In terms of upon what sports New Jersey punters were wagering, the NJ operator reported that basketball had generated 32.9% of January’s sportsbetting handle of at $177.5 million closely followed by action from the National Football League (NFL).

Gouker reportedly proclaimed…

“While still the most popular sport in New Jersey, football does not quite command the same share of the sportsbetting market as it does in Nevada. Meanwhile, basketball has proven to be a big winner for the state. That puts New Jersey in prime position over the next few months in its race to become the country’s largest legal sportsbetting jurisdiction.”

iGaming influence:

Away from sportsbetting and the report from PlayNJ.com extolled the performance of New Jersey’s online casino and poker market as January handle rocketed by some 64% year-on-year to reach $55.1 million. The domain predicted that this sector could well generate aggregated revenues for 2020 of over $650 million, which would surpass last year’s finishing tally of $482.7 million.

Ramsey reportedly declared…

“Revenues of $700 million are within reach this year, which would have been inconceivable just a few years ago. The industry’s ability to find new areas of growth along with the symbiotic relationship that exists with online sportsbetting will keep online casino gambling moving forward.