The betting market in New Jersey has still held strong in the middle of COVID-19. There hasn’t been the number of sports to bet on as usual, but bettors have found replacements.
Even though the handle was down 39.6% from last June, revenue was up 30.3%.
“Based upon filings with the Division of Gaming Enforcement, Total Gaming Revenue for June was $97.6 million compared to $283.8 million in June 2019, reflecting a 65.6% decrease. Internet Gaming Win was $84.9 million in June compared to $38.1 million in the prior period, reflecting an increase of 123.1%. Sports Wagering Gross Revenue was $12.6 million for the month,” the report from the New Jersey Attorney General read.
July and August
Since they have survived the lack of sports, July and August will have a large effect on how the year turns out for New Jersey. The return of Major League Baseball, the NBA, and the NHL could be huge for the market.
The “other” category has been the most bet on in May and June. This consists of anything other than football, basketball, and baseball. NASCAR, the UFC, and the PGA have largely controlled May and June.
They will want the three major sports to make a return that propels them as the tip categories.
“For the year-to-date period, the Industry’s Total Gaming Revenue was $1.03 billion compared to $1.59 billion, reflecting a decrease of 35.4%. Internet Gaming Win increased 94.4% to $422.7 million when compared to the prior period. Sports Wagering Gross Revenue was $108.9 million,” the report read.
The Remainder of 2020
With the lack of sports in the spring and summer, it’s highly unlikely that New Jersey will be able to reach the point they were at last year. The number to reach to match 2019 is a handle of $4.6 billion.
A lot of questions still remain around the remainder of the year. No one knows how the economic shutdown might end up affecting people’s wallets and eagerness to place bets.
All of these sports also have to start and finish their seasons for much betting to occur. There is still a scare of a second wave that would cause sports to pause once again.
“But New Jersey’s sports betting handle through June is just 22.4% off the $1.98 billion total at this point last year. Revenue, meanwhile, is nearly flat, down just 0.6% at $108.9 million,” said Legal Sports Report.
“For the month of June 2020, total gaming taxes were $14.4 million. Total gaming taxes reflect 8% of taxable casino gross revenue, 15% of Internet gaming gross revenue, 8.5% tax on casino and racetrack sports wagering gross revenue, and 13% tax on casino and racetrack sports wagering Internet gross revenue,” read the report.
Casino and racetrack revenue will also make a jump for the state. All of the revenue and taxes coming from gaming in the last few months have been purely online wagers.
It’s time to see how bettors react after months of not having major sports to having them all at once.