Watching the sports betting industry bounce back after the pause of live sports has been a bit of a nail-biter for most states. However, in New Jersey, that’s not the case as sports betting has never been better as the Garden State set a record for the most money wagered in a month.
The gaming industry saw roughly $668 million dollars wagered in the month of August, which is truly an astounding total. Not only did it set a new record, it absolutely annihilated the previous record that was set in November 2019 in Nevada when $614 million was wagered in one month.
New Jersey Sets the Bar High
It seems like sports betting is not only a robust industry in New Jersey, but that it’s attracting all kinds of interest and participation. The fact that people were given so many options in terms of live sports to bet on certainly helped to push the monthly totals to a nationwide high.
And, while sports betting was having a fantastic month, the two racetracks and casinos within the state really counted on the sports betting in order to “cushion the blow” of what essentially has been months’ of losses due to closures and limited capacity.
In total, the racetracks won $326.3 million from bettors during the month according to the state Division of Gaming Enforcement. The casinos are restricted to just 25% capacity at the moment, so these are the kinds of numbers that the industry is extremely happy to see.
Comparing Revenue to a Year Ago
What’s even more telling is when you take a look at the revenue for August 2020 versus August 2019. There’s only a 7.5% decline in 2020, which is rather shocking considering all the obstacles this year.
“Recovery is underway, even with continuing travel advisories that decreased visits from out of state.”
Plousis also went on to point out that Atlantic City casinos won almost 70% of their totals from August 2019, calling it a “strong performance”.
Indoor dining started back up on September 4th and is expected to help the revenue totals moving forward. Now, industry experts are sitting tight and waiting to see what September’s numbers will show. Some believe that New Jersey could surpass the historic record that they just set.
Internet betting also gets a special mention as it managed to bring in $87.7 million during the month. That figure may seem impressive on its own, but take into account that it is more than doubled what it brought in the same time last year and it’s even more impressive.
As a longtime freelance writer, avid sports fan, former athlete, and experienced sports bettor, Rick Rockwell has risen up the ranks at GamblingSites.org to become the self-professed "King of the Blog" in his first year with the site. ...
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