News

New Jersey Sports Betting Revenue Sees Spike In May Numbers

FanDuel Sportsbook continues to lead New Jersey sports betting revenue.

  • The return of NASCAR, UFC, and PGA events have increased New Jersey sports betting revenue for the month of May by 276% from April’s numbers.
  • Internet and mobile sportsbooks are the only betting sources available for gamblers in the Garden State as retail books are not slated to open until at least July 4.

TRENTON, N.J. – Sports betting revenue in New Jersey saw a spike in numbers when compared to the Garden State’s paltry April profits from the market.

Having professional sporting events suspended and retail sportsbooks shut down due to the Coronavirus Pandemic is what led to the crash in revenue for the New Jersey sports betting industry. However, May has seen a turnaround in profits for sportsbooks in the state and it’s all thanks to the slow trickling comeback of sports like NASCAR, PGA, and UFC events.

April Slumbers Bring May Numbers

According to reports published by the New Jersey Division of Gaming Enforcement, online sports betting platforms – the only option available to sports bettors amid the pandemic – saw an April handle of $54,593,000 and a revenue total of $2,634,050.

With NASCAR, PGA, and UFC entering the game again along with various European soccer matches popping up across the board for the month of May, New Jersey bettors took advantage of these new gambling opportunities.

The NJ sports betting market saw a 115.8% jump in action among players from April to May with gamblers wagering $117,821,280 for the month.

This brought in a revenue of $9,912,062 for May which was a 276% increase from April’s profits.

While this is a huge difference from month to month, it doesn’t equate to what May 2019 brought in for sportsbooks.

May 2019 saw a handle of $318,940,677 having May 2020 see a 63% loss in bets placed by comparison.

However, 2019 had a plethora of sports to gamble on because baseball, basketball, and hockey were all in play as they normally would be. But the outbreak of COVID-19 has thrown everything out of whack leading to the enormous drop in activities.

There is no word yet as to when sports betting establishments will reopen in the Garden State but Governor Phil Murphy hopes to have them reopened by July 4.

Until then, residents of New Jersey are lucky enough to be able to access mobile sports betting platforms at their convenience.

Other states with these applications sometimes require in-person registration to use online sportsbooks but New Jersey allows bettors to sign up for an account from wherever they are which at the moment would be quarantined at home.

Mobile and internet sports betting platforms are where gamblers in New Jersey can continue placing money on the ever-increasing number of sporting events available.

Of the sports betting revenue generated for the month of May, sports bettors in NJ have made it clear that they continue to prefer FanDuel’s sportsbook over DraftKings’ sportsbook.

FanDuel brought in the lion’s share of the revenue for the month, $4.3 million, with their partner PointsBet. DraftKings brought in $3.8 million in revenue with their partner FOX Bet.

On The Rise

Major league sports are in continued talks to resume playing their games by summer and the NFL is on schedule to start their season on time so it’s a safe bet that New Jersey’s mobile sportsbooks will continue to see a rise in handle and revenue with each passing month.

When the state reopens its sports betting facilities, that will only help to further increase sports wagering activities by fans.

After months of having no sports to wager on, sportsbooks in New Jersey should see major increases in bets as events are making their comebacks and the revenue numbers for the Garden State will see some great comebacks for their businesses as well.

News tags: BetMGM | Coronavirus | COVID-19 | DraftKings | FanDuel | FOX Bet | NASCAR | New Jersey | New Jersey Division of Gaming Enforcement | NFL | PGA | Phil Murphy | PointsBet | UFC

Christina Monroe

Christina has been writing for as long as she can remember and does dedicated research on the newly regulated sports betting market. She comes from a family of sports lovers that engage in friendly bets from time to time. During the winter months, you can find Christina baking cookies and beating the entire staff at Mario Kart…the N64 version of course.

Read more of this Article
http://www.NewJersey.SportsBook-Live.com

SportsBookLive
SportsBookLive
Welcome to SportsBook-Live.com. We offer Online gaming Live SportsBetting, Tickets, fan Merchandise, News and RSS feeds for all your Favorite Professional sports leagues. Join us for all of our Sports gaming Podcast's. http://SPORTSBOOK-LIVE.COM https://www.newjersey.sportsbook-live.com
https://www.newjersey.sportsbook-live.com