New Jersey Sports Betting Revenue, Handle and Taxes
New Jersey Gambling Date Trends
New Jersey Sports Betting Data
| Month | Handle | Handle Per Capita | Revenue | Hold | Taxes |
| December 2023 | $1,284,558,956 | $213 | $109,516,484 | 8.5% | $15,314,259 |
| November 2023 | $1,623,072,184 | $269 | $95,889,050 | 5.9% | $13,508,016 |
| October 2023 | $1,293,468,722 | $214 | $92,258,295 | 7.1% | $12,951,849 |
| September 2023 | $1,299,016,274 | $215 | $111,145,385 | 8.6% | $15,658,931 |
| August 2023 | $725,849,450 | $120 | $96,041,019 | 13.2% | $13,546,446 |
| July 2023 | $587,019,749 | $97 | $61,013,433 | 10.4% | $8,467,678 |
| June 2023 | $591,081,897 | $98 | $66,356,838 | 11.2% | $9,218,174 |
| May 2023 | $778,854,263 | $129 | $82,165,404 | 10.5% | $11,496,202 |
| April 2023 | $833,980,925 | $138 | $72,304,036 | 8.7% | $10,118,510 |
| March 2023 | $1,025,779,225 | $170 | $93,039,999 | 9.1% | $13,083,369 |
New Jersey Sports Betting Revenue
New Jersey sports betting started in August 2018 after the Supreme Court overturned the Professional and Amateur Sports Protection Act (PASPA). New Jersey sports betting revenue started a little slowly in August 2018, bringing $9.1 million before immediately jumping to $23.7 million the following month.
There is not one consistent trend when it comes to New Jersey sports betting revenue as it has varied month by month, usually depending on the time of year. Right before the pandemic in January 2020, New Jersey sports betting revenue hit an all-time high at $53.5 million. Once sports started getting shut down, the New Jersey sports betting revenue started to decline sharply and fell as low as $2.6 million in April 2020.
By the end of 2020, New Jersey sports betting revenue had gone back up to $66 million in December 2020, followed by $82.2 million in January 2021. The next huge spike came in November 2021 when New Jersey sports betting revenue hit a new high of $114.7 million. Since then, numbers have remained steady and most recently, New Jersey sports betting revenue was $66.4 million in June 2023, with numbers expected to significantly increase when the football season rolls around.
New Jersey Sports Betting Taxes
The New Jersey sports betting tax rate is set at 24% for Federal and 3% for State. Even with the Federal tax rate being a little steep, it has not stopped NJ from having some of the biggest numbers when it comes to both handle and revenue.
New Jersey Sports Betting Handle
Similar to New Jersey sports betting revenue, New Jersey sports betting handle started with $95 million in August 2018 before jumping to $183.9 million in September 2018. The New Jersey sports betting handle continued to steadily rise before hitting a sharp decline from March 2020 to April 2020.
By the end of 2020, New Jersey sports betting handle soared again, reaching $995.5 million in December 2020. The following year, numbers continued to fluctuate, but never dipped below $500 million. In September 2021 the New Jersey sports betting handle hit an all-time high of more than $1 billion. That trend continued as the New Jersey sports betting handle hit $1 billion for the next few months in a row with January 2022 being the highest handle recorded at $1.3 billion.
Since then, it has been the same trend, with the most recent New Jersey sports betting handle being recorded at $591.1 million. Expect these numbers to increase greatly in the next month or so when College Football and the NFL begin their new seasons.
New Jersey Sports Betting Handle Per Capita
Handle per capita refers to the average amount of money each sports bettor is placing over a given time period. For NJ, this has ranged from as low as $9.05 to as high as $223.56.
Compared to other states, NJ is consistently near the top when it comes to handle per capita. Their biggest competitor in handle per capita is Nevada, which has seen numbers as high as $779.89 as recently as October 2021.
New Jersey Sports Betting Hold
New Jersey sports betting hold can be defined by the percentage that a sportsbook retains for every dollar bet. This number can vary based on the odds of a given sporting event and the type of bet. New Jersey sports betting hold can also be called the “juice”, which is basically the tax a bettor is paying to place a specific bet.
New Jersey sports betting hold started out at 9.6% in August 2018 and jumped up to 12.9% the following month. After September, the New Jersey sports betting hold started to drop again and held steady between 4.5% and 8.6% for the next year. It did not surpass 9.0% again until October 2019. Following that, the New Jersey sports betting hold hovered around 3.1% and 9.5%. The next time the New Jersey sports betting hold exceeded 10% was in August and September of 2022. It followed the same trend until just recently when the New Jersey sports betting hold was 10.5% in May 2023 and 11.2% in June 2023.
FAQs
Yes. The current New Jersey sports betting tax rate is 24% for Federal tax and 3% for State tax.
From January 2023 to June 2023, the New Jersey sports betting handle was a total of $5.1 billion. This calculates to an average of $859.8 million in New Jersey sports betting handle per month.
The New Jersey sporting betting hold was 11.2% in June 2023. That was the second consecutive month with a double-digit sports betting hold. The average New Jersey sports betting hold for 2023 is 8.77%.
Through the first six months of 2023, New Jersey made a total of $440.8 million in sports betting revenue. This is an average of $73.4 million per month in New Jersey sports betting revenue.
In the first six months of 2023, New Jersey sports betting taxes generated $61 million in revenue. That is an average of $10.2 million per month.