Sports action has been hard to come by for fans across the country because of the coronavirus. This has resulted in bad business for legal gambling states such as New Jersey. To no surprise, their March numbers took a significant hit.
Darren Rovell of Action Sports wrote, “The disappointment is a direct reflection of sports shutting down for the final two-and-a-half weeks of the month and, most notably, no revenue from March Madness.”
New Jersey’s sports betting handle for March was $181.9 million, which is a 65% drop from the state’s average.
Making Up for the Loss
To fill this void, New Jersey has tried to add sports such as Belarusian soccer and table tennis matches, but that can’t make up missing March Madness. This March could’ve brought in the biggest revenue to date if there was no health epidemic. New Jersey was on a record-setting pace in 2020 because of the rise of sports wagering popularity.
Many sports betting operators are having to become creative in events that are still on. New Jersey is hopeful that the NFL Draft will bring in more attention than it ever has before. Because of the lack of betting options, betting operators will become creative on lines and props.
New Jersey also has the benefit of online poker, which has been receiving a spike since people are staying at home. The internet gaming win total for March was $64.8 million, up from $52 million in February and an increase from $39.1 million last March.
The best news for sports fans, and legal gambling states, was the announcement made by the PGA. Golf will soon make its return, with the first tournament back being planned for the second week of June.
These beginning events will likely have more attention than ever before, especially if it is the only sport back. An easy guess would be that their golf numbers this year will be higher than ever before.
Expert’s View
Dr. Anthony Fauci, a leader in response to the coronavirus, has said that there is a possibility for all sports to return. He said, “Nobody comes to the stadiums. Put (athletes) in big hotels, wherever you want to play.
“Keep them very well-surveilled but have them tested like every week and make sure they don’t wind up infecting each other or their families and just let them play the season out.”
It’s hard to take away any positives from this health crisis or sports leagues becoming suspended, but they will return. When they do, legal sports gambling states such as New Jersey will receive a significant spike in play. Fans are going to take advantage of the first several months that sports are back in action, and the sportsbook numbers will reflect that.
For now, gaming operators in New Jersey remain optimistic that other sports follow the PGA’s lead.