NJ Sports Betting Increases By A Massive 91% in July 2020

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08/30/2020
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NJ Sports Betting Increases By A Massive 91% in July 2020

Sports returned in a big way from it’s pandemic hiatus in July 2020, and New Jersey sports bettors had their wallets at the ready.

The number of $29.6 million in revenue for the Garden State’s sportsbooks easily exceeded the combined figure of April, May, and June for July alone. That’s a number that’s also up 65.2% over July 2019, which is traditionally one of the most quiet sports betting months in normal years with NBA and NHL finals usually over and NFL yet to begin.

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That July revenue came off a remarkable $315.1 million betting handle — up 91% over June’s total and up 25.4% from the same month of 2019.

 All but $19 million of that enormous sports betting handle, meanwhile, came from online sports betting, even though the state’s casinos in addition to the Monmouth Park and Meadowlands Racetracks reopened to reduced capacities for the final four weeks of the month.

Morgan Stanley gaming industry analyst Thomas Allen wrote in a client note:

“New Jersey’s results likely benefited from futures bets and a high level of promos (free bets count as handle/revenue) leading up to MLB’s 7/23 and NBA’s 7/30 resumptions,” Allen wrote. “We expect volumes were strong for golf, UFC, and the Nathan’s Fourth of July Hot Dog Eating Contest.” he concluded.

The eight total NBA games and nine full days of MLB action to close out July will have had a significant impact on the volume of New Jersey sports wagering volume, however, many of the Garden State’s online sportsbooks kept their cards close to their collective chests and were not at liberty to say just how much sports return bumped their betting volumes.

BetMGM spokesperson said the online sportsbook has seen record betting handle and wagering activity since the return of major US sports, while a FanDuel exec said that the front end of July was definitely smaller than the back end (after professional sports had returned).

Great Sports Betting Results in NJ, but it could have been SO much better

While sports betting was up significantly from the previous year (although comparing 2019 to 2020 is fraught with a number of inconsistencies), leading industry experts claim it could have been even far better during a ‘normal’ year. The industry experts estimate that the Garden State of New Jersey could have seen potentially up to $150 million more under those normal conditions, and point out the possible $1.6 billion in lost wagers to the pandemic in 2020 as a whole.

However, the month of August is anticipated to continue to improve, however, the numbers may depend on the professional sports leagues keeping their players safe and on the court, field or ice in order to continue and complete their rescheduled seasons.

Leading industry analyst Eric Ramsey said;

“August should be an unusually busy month for sports betting, and that will help make up a bit of the $1.6 billion in wagers that have been lost so far. The leagues have to stay healthy, though, or we will be right back to where we started.”

Baseball’s sports betting handle in July 2020 was $59.6 million, which have translated to more than $230 for a full month. What’s more, the 8 completed NBA games for July led to more than $20 million in betting handle!

Clearly, New Jersey’s residents and visitors have the taste for whatever live sport is on in our post-pandemic environment. Analysts and industry experts are expecting a monster August with the added and unusual attraction of NHL and NBA games during the usually sparse summer where MLB generally rules the roost.

Watch this space for the August NJ numbers.

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