New Jersey Sports Betting Faces First Significant Drop Since October 2018
For the first time in seven months, New Jersey sports betting posted less than $300 million in handle.
The numbers revealed for the month of June showed a handle of $273 million.
It comes just a month after New Jersey overtook Nevada for the #1 rank in sports betting.
In May, New Jersey posted a handle of $318.9 million to Nevada’s $317.4 million.
The drop isn’t a cause for concern.
In fact, it’s relatively easy to explain, and actually somewhat expected.
June is a relatively slow month when it comes to sports betting.
As most leagues wrap up their seasons, there is a drop in the number of games.
This, of course, leads to a drop in bets.
June turned in $9.7 million in revenue for the state.
Mobile and online sports betting continue to thrive, being responsible for $226.7 million, 83% of the total.
So, despite the slightly alarming nature of the headline, things look great for the sports betting industry in New Jersey.
Which Benefits Has Sports Betting Brought to New Jersey?
New Jersey has already passed the $1billion mark in handle since June 2018, when the state legalized sports betting.
In March 2019, New Jersey passed the $2 billion mark.
And in the short span between March and the first year anniversary in June, it passed the $3 billion mark in handle.
Despite a relatively slow start due to the availability of retail sportsbooks, it soon picked up steam.
With the introduction of the online option, the numbers jumped significantly.
It more than doubled, going from $40.7 million in July 2018 to $95.6 million in August.
In total, sports betting in New Jersey has generated more than $203 million in revenue.
The industry has also brought financial benefits to the state.
During that one year period, New Jersey has collected $23 million in taxes.
With a great potential market now being brought to legality, that number will likely continue to rise.
What to Expect of New Jersey Sports Betting in the Future?
Cutting it short, New Jersey sports betting can expect some nice looking numbers.
Even with the slow down during June, July, and August, the numbers are already looking much better than last year.
This trend will likely continue heading into one of the big months – September.
As football season kicks off, it will naturally lead to an increase in betting.
But this becomes much easier to understand once we look at the actual numbers.
In 2018, September saw the numbers jump to $183.0 million, up from $95.6 million in August.
In October, it overcame the $200 million barrier for the first time, reaching $260.7 million.
The rise continued in November, surpassing the $300 million mark with $330.7 million in handle.
December saw a bit of a drop, with $319.2 million.
January brought in record-setting numbers.
With the start of the NFL playoffs, the month saw an impressive $385.3 million in handle.
Considering that the numbers have gone up significantly compared to 2018, this year could see some even more impressive marks.