New Jersey sportsbooks could not capitalize on the Olympics or NBA Finals in July to fend off the typical summer dip.
According to data released Monday by the state Division of Gaming Enforcement, New Jersey sportsbooks handled $578.73 million in legal wagers and reported just under $55 million in total revenue in July.
While the handle is down 24.5% from $766.9 million in June, monthly revenue for New Jersey sportsbooks topped $50 million for the fifth consecutive month.
“The Olympics didn’t cause a spike in volume, which was held down even more by the significant difference in time zones,” said Eric Ramsey, an analyst for the PlayUSA.com Network, which includes PlayNJ.com. “The NBA Finals helped the state’s sportsbooks avoid a steeper decline, and the Olympics did offer sportsbooks a chance to reach new customers, which can be valuable down the road.”
New Jersey sportsbooks love online/mobile bettors
Online and mobile gambling continues to be the bread and butter of New Jersey sportsbooks.
Online operators generated $529.4 million in wagers in July or 91.5% of the monthly statewide handle.
FanDuel Sportsbook/PointsBet, operating under the Meadowlands Racetrack license, once again topped online operators with $29.5 million in gross revenue.
Looking at the remainder of NJ’s online sportsbooks, here’s how they performed in July:
- Resorts Digital (Resorts/DraftKings/Fox Bet): $10.6 million
- Borgata (BetMGM/Borgata): $5.9 million
- Monmouth Park (William Hill/SugarHouse/theScore): $2.0 million
- Ocean Casino (William Hill/Tipico): $1.5 million
- Hard Rock: (Hard Rock/Bet365/Unibet): $925,775
- Caesars Interactive (Caesars Sportsbook/888sport/WynnBet): $193,331
- GNOG (Golden Nugget/BetAmerica): $79,223
- Tropcana (William Hill): $36,490
Hoops, gold medals trail America’s Pasttime in bets
Baseball was the most bet sport for New Jersey sportsbooks in July. A little more than $195.4 million was wagered on baseball, according to NJDGE data.
With the NBA Finals in July, basketball was second with $74.8 million. That total is down from $190.9 million in June.
Sports listed as “other,” which would include the Olympics, fell to $180.4 million from $234.8 million in June.
July 2021 was up 83.7% from $315.1 million in July 2020, a month with the relaunch of baseball and the beginning of the NBA bubble.
Still No. 1…and growing
New Jersey sportsbooks in 2021 have already exceeded 2020.
Year-to-date, New Jersey sportsbooks have generated $423.3 million in revenue from nearly $5.5 billion in legal wagers. For all of 2020, NJ sportsbooks reported $398.5 million in revenue on just over $6 billion wagered.
The $52.55 million from sports betting taxes through July is more than the $50.02 million collected all last year.
Since 2018, NJ sportsbooks have seen more than $17.32 billion in legal bets. Nevada, the second-largest U.S. sports betting market, has seen just over $15.75 billion wagered over the same period, with July’s numbers yet to be released.
AP Photo/Martin Meissner