It seems the lack of live professional sports didn’t damper the online sports betting market in the state of New Jersey for the month of June as revenue went up a shocking 123%.
These numbers where what lawmakers and gaming personnel had hoped to see but didn’t dare think was possible. However, bettors still managed to find plenty of options to wager on and thereby soften the blow of a declining overall gaming revenue in June.
The Closures Took a Toll
Just like all other states that had to close down their casinos over the past few months, New Jersey felt the same pinch. As a result, the casino industry saw a total revenue decline of over 65% due to three months of closure.
However, it’s not all bad as online revenue really took off especially in the month of June. Online casinos in the state brought in revenues of $84.9 million dollars in the month of June, this compared to $38.1 million dollars in June of 2019.
In total, there were $165 million in sports wagers placed last month. This total was a 40% increase over that of May, and almost triple that of April. James Plousis, Chairman of the New Jersey Casino Control Commission, commented on the impressive numbers:
“June was the last full month of casino closures, and the figures reflect the historic business disruption across the region and beyond. Now that casinos have begun welcoming back visitors with appropriate limits, Atlantic City has started on the road to recovery.”
What Were People Betting On?
Bettors seemed to try their luck and strategy at many different events. In particular, MMA cards from the UFC, Korean baseball, and European soccer were what drove these numbers up. NASCAR and a few other fringe sports also contributed as well.
These certainly are not the typical sports and events that most bettors typically wager on, but the lack of choices caused these sports and events to enjoy a boost of popularity.
Heading into the middle of July and forward into August it looks like people are about to get a massive influx of events to start wagering on.
MLS is now officially back in action, the MLB is going through an abbreviated spring training session gearing up to start the regular season, and then the NHL will return to play on August 1st.
In fact, experts are looking to the months of July and August to tell a more complete and accurate story of how well sports betting will be embraced moving forward.
Plenty of good news for those who have been anxious to get back into sports betting, and great news for the casinos and sportsbooks that have taken such as hit.
How Will the Year Play Out?
The big question being asked right now is whether or not the state can come back from those three months of poor showings and still manage to recover by the end of the year.
Right now, it’s looking unlikely, but that’s not to say it’s impossible. As a whole, the New Jersey sports betting market managed to bring in $4.6 billion in handle over the course of 2019.
Obviously, 2020 is still a long way off that total. What will help is the return of the NFL, which is always a big draw for those looking to place sports bets. As long as it returns to play as scheduled and has a complete season, New Jersey’s gaming revenue will be well on its way to a strong recovery.
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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