New Jersey Sports Betting Witnesses Slow Down, but Revenue Up

New Jersey Sports Betting Witnesses Slow Down, but Revenue Up

In June, betting volume at New Jersey’s retail sportsbooks fell in keeping with the nationwide trend. However, a 9.3 percent hold boosted sportsbook income to moreover than $71 million, a stunning performance that offset a slowdown.

Dustin Gouker, the analyst from Network, said that New Jersey is performing well compared to all the other American sports betting markets. Although no market can entirely overcome a shortage of inventory, New Jersey’s sportsbooks are discovering new methods to profit from the world of sports, particularly the baseball and NBA Playoffs.

According to the report released this Friday, retail sportsbooks and online brought in $766.9 million in bets in June. This has fallen 5.8% from May’s $814.3 million but higher than June 2020s $117.8 million.

June’s action resulted in $71.3 million in GGR, the most since sportsbooks brought in an all-time high of $82.6 million in January. The operator’s revenue saw a surge of 34.7 percent, from $52.9 million in May to $12.6 million in June 2020.

With legal bets worth $4.6 billion placed across the United States during March, it was the largest betting volume in US history. In April and May, the total U.S. handle decreased to $3.7 billion because of the lack of a football or betting holiday like March Madness. That’s a 19.6 percent decrease from the peak in March. On the other hand, With volume dropping 10.8% in June from March’s $859.6 million, New Jersey surpassed other states.

Bets related to Basketball totaled $190.9 million in June, certainly the most of any sport.

An internet operator accounted for 89.1% of June’s handling, or $734.7 million. With $38.1 million in total revenue, FanDuel Sportsbook/PointsBet regained control over the market, up from $29.8 million in the month of May.

After SI and 888 Holdings announced as partners to build an app that may launch in several markets, New Jersey could see an inflow of new brands, including a possible Sports Illustrated app. This comes as voters consider whether to repeal the state’s restriction on betting on College teams in a vote later this year.

Poker and Online Casinos

The four-month streak of $100 million-plus revenue months for online casinos and poker rooms came to an end in June, with $107.1 million. Although revenue increased by 26.1 percent from $84.9 million in 2020 June to $108.2 million in May, it was down from $108.2 million.

With $34.3 million in casino and poker revenue in June, Borgata/BetMGM stood ahead. It was more than double the amount raised by Golden Nugget, which brought in $27.6 million.

Charles Snyder

Charles Snyder joins as a news editor recently. He holds years of experience covering the latest news on casinos, betting and gaming legislation. He regularly contributes the latest insights for Atlantic City Casino News.

Leave a Reply

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