New Jersey Handle Gains 90.96 Percent
- After bottoming out in April due to the corona-crisis the NJ sports wagering handle continues to rebound with a 90.96% increase
- NJ is a bellwether for the fledgling sportsbook industry and revenue reports from the state indicate how the rest of the country will likely fair
- Sports wagering revenue in NJ bottomed out in April with a total handle of $54,593,092 in stark contrast of July’s $315,118,805.
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The entire USA has looked to New Jersey when it comes to sports betting since the landmark repeal of the PASPA law. States that have chosen to legalize sports betting have looked to the numbers and legislation in NJ to inform their decisions.
With that in mind, during the corona-crisis, the nation looked to NJ figures to see how badly the industry would be affected, and now that sports are returning people are once again looking to the Garden State as an indicator of how the industry as a whole is rebounding.
NJ Sports Betting Continues Rebound Trend
NJ is still recovering from the industry bottoming out in April when the total revenue handle from sports betting was $54,593,090, a 90.26% decrease from November 2019 when the handle reached an all-time high of $56,2675,543.
Since the bottom out in April, there has been a steady increase in handle month by month in revenue. This massive gain of nearly 91% is sure to send confidence to the other states that have legalized, and to states where legislation has yet been fully passed or implemented.
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Will the continued rebound continue?
When major leagues across the world began canceling sports earlier this year many businesses tied to them saw sudden and startling losses. The young sports betting industry, which is most mature in New Jersey, saw sudden declines.
The latest monthly report shows confidence in the industry that will send signals to other states eyeing the tax share for their treasuries pushing for legalization and may lead to further stabilization of the market.