New Jersey Sports Betting Handle Drops 13% in April

After a great March sports betting handle result in New Jersey powered by enormous interest in the March Madness tournament, the Garden State’s legal online sportsbooks fell back a little in April. While the drop was a little unexpected, it’s the anticipated that the dip will be a temporary one. The NBA play-offs and early summer NBA Finals should give the sports betting handle in the Garden State a big bump, even more considering all of the NBA ‘local franchises’; the Brooklyn Nets, New York Knicks and Philadelphia 76ers; are expected to feature heavily.

According to one sports betting industry analyst, Dustin Gouker;

“”New Jersey is unique in that it has never been quite as reliant on football as other legal jurisdictions. NBA has always been particularly popular. Add that the region’s three most popular teams are all enjoying relatively strong seasons, and New Jersey sportsbooks have so far been able to smooth the natural seasonal decline that begins in April,” Gouker said.

Breaking down the April 2021 Sports Betting Numbers in NJ

The Garden State’s sportsbooks took in $748 million in wagers in April 2021, according to official data released by the state’s gaming regulator, the New Jersey Division of Gaming Enforcement (NJDGE). Those numbers represent a 13% decrease from March’s impressive $859.6 million result, however an incredible 1270.1% increase over the $54.6 million in wagers receive in the pandemic-blighted April of 2020. Online betting accounted for 91.1%, or $681.2 million, of the New Jersey April sports wagering handle.

Sportsbook operator revenue fell by 9.9% to $54.8 million in April from the $60.8 million generated in March. Impressively, April’s Garden State betting action yielded another $8.1 million in state taxes in order to assist the state in meeting a number of State Government programs, services and infrastructure, creating thousands of jobs for the state’s residents.

April’s results are further evidence of the consistency that has New Jersey has enjoyed, making it the nation’s top sports betting market. While New Jersey’s numbers dropped on the March result, the month-on-month wagering decrease was less pronounced than other legal U.S. sports betting markets, including those of Colorado (-18%), Indiana (-25.4%), Iowa (-26.7%), and Michigan (-30.5%).

However, as New Jersey celebrated 3 years since the U.S. Supreme Court handed back the control of sports wagering to states to choose for themselves whether to adopt the practice or not, the Garden State’s sports betting market went through the respective ceilings of $15 billion in lifetime handle, $1 billion in revenue, and $150 million in tax revenue. Those numbers show New Jersey to be the leading sports betting state in the nation by a wide and impressive margin.

Whilst the great monthly figures for New Jersey since 2018 are to be celebrated, according to a leading sports betting analyst, Eric Ramsey, the spectre of the Empire State of New York opening its own online sports wagering industry looms large for the Garden State;

“Considering the challenges, particularly in 2020, $15 billion in wagering and $1 billion in revenue are incredible yard sticks that really drive home just how successful the New Jersey market has been. At least until New York launches its sports betting industry, New Jersey seems untouchable as the nation’s largest market,” Ramsey predicted.

Since the 2018 launch of legal sports wagering, New Jersey sportsbooks have generated an impressive:

  • $15.2 billion in handle.
  • $1.04 billion in revenue, and;
  • A total of $151.4 million in state taxes.

FanDuel and PointsBet, through their licensing agreement with the Meadowlands racetrack, continued their great run as New Jersey’s leading online sportsbook/land-based combination, generating $66.8 million worth of wagers and $3.6 million in revenue for April.

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