The New Jersey sports betting market cooled down a bit in June but the action was still plenty hot.
NJ sports gamblers legally wagered $766.9 million last month, according to data released Friday by the state Division of Gaming Enforcement. However, it’s hard to ignore the $71.3 million in revenue from NJ online and retail sportsbooks.
While the monthly handle dropped 5.8% from May’s $814.3 million – fifth best month all-time in NJ sports betting history – the total amount wagered is still strong for what is typically a slower month.
Year to date, NJ bettors have wagered nearly $5 billion while total revenue exceeds $368.3 million.
And this is before the 2021 NFL betting season even kicks off. It’s pretty much a sure bet that the first $1 billion month in NJ sports betting history will take place this fall.
Dustin Gouker, analyst for the PlayUSA.com Network, which includes PlayNJ.com says overall New Jersey continues to perform far better than every other sports betting market in the U.S.”
“No market can completely overcome a lack of betting inventory, but New Jersey’s sportsbooks continue to find ways to capitalize on what the sports world is offering, most notably the NBA Playoffs and baseball,” said Gouker.
Online, mobile still rule New Jersey sports betting
New Jersey sports betting continues to be dominated by online sportsbooks. NJ’s 19 online/mobile options consistently outperform retail sportsbooks at Atlantic City casinos and NJ’s three licensed racetracks.
Based on the NJDGE figures, $683 million (89.1%) of the monthly handle were bets placed online or via mobile sports betting app. More than $62 million (87.2%) of New Jersey sports betting revenue came from online or mobile apps.
The online partners of the Meadowlands Racetrack, which includes FanDuel Sportsbook and PointsBet, generated more than $44.5 million in June. That’s more than the $24.1 million generated by all nine Atlantic City casinos combined.
Meanwhile, Resorts Digital, which includes DraftKings Sportsbook, reported nearly $13 million to finish a very distant second.
Borgata rounds out the top three with just shy of $6.85 million in sports betting revenue. This is a combination of the BetMGM and the Borgata Sports apps.
New Jersey sports betting is…unpredictable
June’s results are on par with expectations. Sports betting numbers typically start trending down after March Madness until football starts in September.
But, New Jersey sports betting has been defying the odds as of late. Even April’s $750 million handle was more than double Nevada’s average for the month.
Sports, sports, and more sports in June
Several factors likely bolstered June’s New Jersey sports betting figures.
For one, two of the three regional pro basketball teams played in intriguing playoff matchups. Ultimately, the Philadelphia 76ers and Brooklyn Nets were both bounced in the second round.
The NHL Playoffs also ran through June, providing another bump for sportsbooks.
Likewise, the UEFA Euro 2020, the U.S Open golf tournament, and two tennis majors gave gamblers even more options in June.
And finally, Major League Baseball is in full swing. With two of the three regional teams underperforming, futures bettors have likely been looking for value elsewhere.
“While the sportsbooks in most states have been scouring the sports landscape for opportunities to drive interest, New Jersey’s books have successfully capitalized on the NBA playoffs and baseball,” said Eric Ramsey, analyst for PlayNJ.com.
AP Photo/Laurence Kesterson