New Jersey Online Gambling and Sports Betting Maintain Momentum in MayPublished June 24, 2021 by Elana K
New Jersey sports betting and online gambling had both wins and losses in May. Sports betting handle was up, but revenue was down. There was a slight increase in gambling revenue between April and May, but not if you take into account May's extra day.
The New Jersey Division of Gaming Enforcement released the May figures for sports betting and online gambling, and there were both wins and losses. Sports betting handle was up, but revenue was down. There was a slight increase in gambling revenue between April and May, but not if you take into account May's extra day. The month was filled with ups and downs like these, which makes sense as there were no major sporting events and the state is still striving to return to complete normalcy post-pandemic.
New Jersey Sports Betting
New Jersey is one of the only states that saw an increase in its sports betting handle in May, a traditionally slow month. The Garden State racked up $814.3 in bets both online and in-person, an 8.9% increase from April and a staggering 591.1% increase from May 2020. Of course, we can’t forget that May 2020 was the thick of the pandemic, and most major sports events were canceled and casinos were closed.
However, New Jersey joins the many states that saw a decrease in sportsbook revenue in May, dropping a slight 3.5% between April and May. From the $52.9 million collected by sportsbook operators, $7.9 million went to taxes.
Online betting accounted for the lion’s share of the handle, as usual, taking in $736.7 million, or 90.2% of the total haul. Retail sportsbooks took in $79.6 million, a 43.7% increase from May 2019. (In May 2020, retail sportsbooks were closed.)
New Jersey Online Casinos
New Jersey online casinos saw a month-on-month and year-on-year increase. In May, casinos and poker rooms generated $108.2 million, breaking the $100 million mark for the third consecutive month. May’s numbers showed a .4% increase from April and a 25.9% increase compared to May 2020.
However, because May has one more day than April, the daily average actually decreased by 2.8%, from $3.59 million a day in April to $3.49 million a day in May. From the overall revenue, $18.9 million went to taxes.
May also marked a milestone for New Jersey’s overall online gambling revenue: it’s the month that revenue reached over $3 billion since online gambling was legalized in 2013.