New Jersey Sports Betting Revenues Decline 13% In April

  • New Jersey’s sports betting revenues decreased 13% from March to April.
  • This decrease is attributable to March Madness, which juiced sports betting in March.
  • New Jersey has potentially under a year before New York’s sports betting is up and running.

LAS VEGAS - New Jersey’s sports betting revenue declined 13% from March to April, as the post-March Madness hangover struck again.

This decline was more or less expected, as March Madness represents a significant boost to sports betting revenue across the board.

New Jersey’s April sports betting handle was $748 million, while March’s was $859.6 million - a decrease, but not an overlarge one.

Of course, 2021’s April numbers were far better than 2020’s April numbers, as sports were mostly cancelled in April 2020 due to COVID-19.

April 2020 had a betting handle of only $54.6 million, which means that April 2021 was a 1270% increase in betting handle over the previous year.

New Jersey’s sports betting revenue decreased from March to April as well, although the decrease was less pronounced.

In March, New Jersey took in $60.7 million in tax revenue on sports betting, while that number fell to $54.8 million in April.

This represents a 9.7% decrease in revenue, compared to a 13% decrease in handle.

Almost all of the sports betting in New Jersey was done via mobile operators, with 91% of revenue totals coming from online and mobile sports betting.

While New Jersey is back on track in terms of sports betting revenue as America begins to focus on what a post-COVID world looks like, there are problems on the horizon for the sports betting industry in NJ.

New Jersey is enjoying a relative monopoly on the New York sports betting market right now, as many NYers travel to NJ to wager on sports.

However, with the recent deal to legalize sports betting in New York proper, that could be coming to an end.

There is no official word on when New York sports betting is set to be available to gamblers in the Empire State, but early in 2022 seems to be the expected timeframe.

When that happens, New Jersey’s revenues could really take a hit - and they’re worth keeping track of in this context.

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