Sports Betting Struggling in New Jersey

An absence of sports fixtures and a complete shutdown of retail betting facilities has cost New Jersey’s sportsbooks around $450 million during the month of April, according to figures released this week. At the same time online casino and poker room revenue increased significantly.

New Jersey’s sportsbooks took only $54.6 million in bets in April. The figures were revealed just before the second anniversary of the Supreme Court PASPA decision that paved the way for legal gambling in the state. Sportsbooks in fact recorded the lowest state-wide total since July 2018, which was the first full month of regulated sports betting.

April’s handle fell a dramatic 82.6% from a figure of $313.7 million in April 2019 and was down 70% on the $181.9 million recorded March. New Jersey’s handle produced $2.6 million in gross revenue, which is down 87.7% on the $21.2 million recorded in April 2019 and a drop of 80.3% from the $13.2 million for the month of March 2020. April’s revenue produced $356,726 in state taxes.

With retail sportsbooks closed entirely in April, online sportsbooks made up the entirety of New Jersey’s betting take. FanDuel Sportsbook, in conjunction with partner PointsBet led the way, earning  $1.65 million in gross revenue, though this was significantly down from the $5.7 million in March. 

The figures also showed that non traditional sports had attracted considerable interest. Bets on sports besides American football, basketball and baseball accounted for $21.7 million in April, which is up from $14.8 million on the previous year. And with the NASCAR organisation planning to restart in May, and the PGA golf Tour aiming for a June resumption, sports betting fans will soon have more options to bet on in New Jersey.

At the same time, online casinos have been making a significant contribution. In combination, they produced a total of $79.96 million in revenue during April, a rise of 118.6% on 2019.

Leave a Reply

Your email address will not be published. Required fields are marked *

Slot Machines
© Copyright 2019