New jersey’s regulated sports betting and gaming revenue soared by 326.4% year-on-year to $352.2m (£250m) in April, as the state continued its recovery from the COVID-19 pandemic.
Impacts of the COVID-19
The New Jersey Division of Gaming Enforcement (NJDGE) has reported that New Jersey’s gaming revenue reached $352.2m in April, up 326.4% year-on-year.
While total market revenue is significantly higher, it is worth noting that April 2020’s revenue of $82.6m was unusually low due to COVID-19 restrictions. During this period last year, all land-based casinos, sportsbooks and gaming halls were closed, and sports betting options were limited as almost all sports events were cancelled or postponed.
The NJDGE reported that the industry’s total gaming revenue was $1.35bn for the first four months of 2021 – up 61.4% on the same point last year.
Online betting thrived
New Jersey’s online sports betting enjoyed further year-on-year growth in April with sports leagues and events running as normal, with a revenue hiking 1,892.3% year-on-year to $51.8m. The state’s betting handle also rocketed to $748.0m, with $681m spent online and $66.8m wagered at retail.
“With restrictions in Atlantic City going away, though, this could mark the ceiling of the online market. But a more reasonable expectation is a moderation of the exponential growth that began in spring 2020, rather than an end to it”, said Eric Ramsey, analyst for PlayNJ.com.
Leaders in the market
FanDuel and PointsBet at Meadowlands remained by far the leaders in New Jersey’s sports wagering market amounting $29.1m in gross revenue. Followed by Resorts Digital and DraftKings on $12.0m, and the Borgata with BetMGM on $6.8m.
Let’s note that Borgata, which includes the BetMGM, led both the iGaming and the land-based basis revenues this year.
“At least until New York launches its sports betting industry, New Jersey seems untouchable as the nation’s largest market”, added Ramsey.
One thing is sure about the future, New Jersey will remain a place of great online gaming opportunities for affiliates. Don’t forget to check NJDGE’s licensing guidelines for online affiliates.