The current King of the US Bet-Friendly states, New Jersey is out with their April legal sports betting figures and they further prove that there is such thing as a Super Bowl and March Madness hangover. New Jersey’s underwhelming report follows a string of disappointing numbers from a number of participating jurisdictions within the US scene.
Despite not experiencing as drastic a drops as other legal sports betting states, New Jersey’s sportsbooks did see a decline in April, and it may be a sign of things to come. The summer is typically lean for the US legal sports betting industry and this upcoming few months looks as though it will follow that pattern. The good news out of the Garden State is that April’s sports betting numbers allowed the state to surpass a few incredible milestones.
First, the Numbers
Sportsbooks in New Jersey reportedly took in $748 million in bets in April which is down 13% from the $859.6 million reported in March. The absence of any big sporting event dragged the handle down – February had the Super Bowl and March had the bulk of the NCAA Basketball tournament.
April’s handle is almost $250 million off the record handle that New Jersey set in January when $996.3 was bet on sports.
Revenues, although slipping didn’t drop as much as the overall handle, percentage-wise. New Jersey sportsbooks reported $54.8 million in revenues last month – a 9.7% decline from Match’s $60.8 million. New Jersey sportsbooks still contributed $8.1 million in taxes to state and local coffers from the profits.
Year-over year, the New Jersey sports betting handle spiked 1270% from last April’s COVID decimation and revenues jumped an astounding 1,981.9% from April 2020 when sportsbooks made just $2.6 million.
Now of Those Milestones
New Jersey came out of the legal sports betting gate strong and they haven’t looked back. The Garden State is and will continue to be the most dominant forces in the US scene, assuming that the possible evolution of the New York mobile betting industry doesn’t have a huge impact.
The sports betting number for April allowed the New Jersey lifetime sports betting handle to hit $15.2 billion, their lifetime sportsbook revenues $1.04 billion and their total tax contributions to the state since sports betting went live in the state to a staggering $151.4 million.
“Considering the challenges, particularly in 2020, $15 billion in wagering and $1 billion in revenue are incredible yard sticks that really drive home just how successful the New Jersey market has been,” said Eric Ramsey, analyst for PlayNJ.com. “At least until New York launches its sports betting industry, New Jersey seems untouchable as the nation’s largest market.”
Factors of the Figures
Once again, it was New Jersey’s mobile betting handle that allowed the state to soar above the rest. 91.1%, or $681.2 million of April’s $748 million handle came from internet-based bets while retail lagged once again, contributing $66.8 million.
It was basketball that came in as the biggest bet-on sport in New Jersey for April but last month it was pro hoops that took the reins from college ball. All eyes will be on the basketball numbers again as the New York Knicks and Brooklyn Nets begin their playoff runs this week.
“New Jersey is unique in that it has never been quite as reliant on football as other legal jurisdictions,” said Dustin Gouker, analyst for PlayNJ.com. “NBA has always been particularly popular. Add that the region’s three most popular teams are all enjoying relatively strong seasons, and New Jersey sportsbooks have so far been able to smooth the natural seasonal decline that begins in April.”
No Panic in New Jersey
To nobody’s surprise, New Jersey’s sports betting scene was far-and-away the most successful in the nation. When all is said and done, they will probably eclipse #2 on the list by $150 million. But the return to sports betting handle records looks like it is on pause for the time being.
New Jersey sportsbooks, just like in other states will be waiting patiently for the summer to end and for the kickoff of the bread-and-butter NFL season. The stats have shown however that no other state is equipped to tread water like the New Jersey.
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