Online and retail sportsbooks in New Jersey reportedly celebrated the end of the eastern state’s third year of legalized sportsbetting in May by posting aggregated handle of $814.3 million.
According to a Wednesday report from the online news domain at PlayNJ.com citing official information released by the New Jersey Division of Gaming Enforcement, the result for what is typically a slow month represented a rise of 591.1% year-on-year and was an 8.9% improvement on the $748 million recorded for April. The source moreover detailed that the May wagers had subsequently produced combined revenues of $52.9 million, which equated to a boost of 433.6% from the $9.9 million seen for the same 31-day month in 2020, while yielding $7.9 million in taxes.
Dustin Gouker works as an analyst for PlayNJ.com and he explained that playoff action from the National Basketball Association (NBA) accounted for almost 27% of this May handle at $216.7 million, which was a swell of 23% month-on-month, as the post-season prospects of regional teams including the New York Knicks and Philadelphia 76ers piqued bettor interest.
Read a statement from Gouker…
“Sportsbooks have been able to capitalize on the NBA playoffs to shallow the typical summer slowdown, online casinos continue to generate huge revenue and Atlantic City is getting busier. New Jersey’s gaming industry appears healthier than anyone would have thought possible a year ago.”
PlayNJ.com moreover reported that online wagers had accounted for an impressive 90.2% of May’s total combined New Jersey sportsbetting handle at approximately $736.7 million although land-based operations still managed to post an associated increase of 43.7% year-on-year after processing about $79.6 million in bets. The source disclosed that this means such enterprises in ‘The Garden State’ have now chalked up $16 billion in aggregated wagers since going live in June of 2018 to produce $1.1 billion in gross revenues and pay some $159.4 million in combined taxes.
Eric Ramsey from PlayNJ.com proclaimed that the sportsbetting market in New Jersey has now grown to become ‘the largest in the United States’ with analogous operations in Nevada having recorded aggregated handle of $14.5 million over the course of the same three-year period for $909.3 million in associated revenues. The analysts also divulged that the remote service from FanDuel Group and PointsBet USA again topped the field last month with $29.8 million in gross revenues followed by the online service from Meadowlands Racetrack at $4.8 million.
Read a declaration from Ramsey…
“New Jersey has evolved into the state that is least affected by the seasonality of sportsbetting. No market can entirely escape the natural ebbs and flows, of course, but New Jersey is less reliant on football and sportsbetting holidays than any other major market in the United States.”
PlayNJ.com finished by reporting that online casinos and poker rooms in New Jersey furthermore had a successful May as their aggregated revenues rose by 0.4% month-on-month to $108.2 million. This purportedly represented the third straight month of where such receipts have topped $100 million with their most recent associated tax bill having hit $18.9 million.
Read a pronouncement from Ramsey…
“Even as Atlantic City lifts pandemic-related limits and retail revenues slowly return, online casinos continue to hold onto the gains made over the last year. Online revenues have clearly been resilient but hopefully the retail market can sustain this return to pre-pandemic levels.”