Online Casinos in New Jersey Boom as Sportsbooks Fall Back

Online Casinos in New Jersey boom as Sportsbooks fall back

Online sportsbooks in New Jersey reported tough April results, but the news is not all bad. Dual-branded sportsbooks/online casinos like SugarHouse and 888Sport reported that while sportsbook revenue dipped dramatically, the online casino arm of the business is picking up. Let’s examine the official April 2020 New Jersey results.

Sportsbooks and Land-Based casinos Betting Handle slows to a crawl

New Jersey’s sportsbooks took in a mere $54.6 million in bets in April 2020, and it’s the lowest monthly figure since the $40.7 million reported in the Garden State’s first full month of legal sports betting back in July 2018, just two short months after the U.S. Supreme Court’s PASPA decision to green-light state-based sports betting.

Year-on-year, the April 2020 handle fell a dramatic 82.6% from the impressive $313.7 million in April 2019 and a 70% decrease from the $181.9 million figure for March 2020. With retail sportsbooks inoperable in New Jersey, online sportsbooks accounted for the entire New Jersey sports betting handle. In a regular year, on the back of the NCAA Final Four, NHL and NBA play-offs, Major League Baseball, and Golf’s U.S. Masters, New Jersey sportsbooks (land-based and online) would have usually been expected to accumulate at least $500 million in betting handle, according to industry estimates.

Industry analysts could not hide their disappointment;

“Seeing New Jersey’s retail sportsbook handle at zero and its land-based casinos generate no revenue is jarring, laying bare just how much these shutdowns are costing the industry,” Dustin Gouker, a leading industry analyst for PlayNJ.com, commented. “The jump in revenue from online casinos and poker is welcome, but there is no way yet for it to fully make up for the revenue lost by Atlantic City’s casinos and sportsbooks.”

According to the Garden State’s Division of Gaming Enforcement official gaming revenue report:

  • Sports betting revenue was $2.6 million, a decrease of 80% from $13.2 million in March 2020 and plunging downwards 87.6% from $21.2 million year-on-year;
  • Total gaming revenue for April 2020 came in at $82.6 million; and;
  • The best news of all – online gaming revenue for April 2020 reported in at $79.96 million, an increase of 23.4% from March 2020 (reported at 64.8 million).

The Online Casino silver lining in New Jersey

 With Atlantic City’s bricks-and-mortar casinos doors closed, it comes as no surprise online gaming business in New Jersey has received a massive boost with revenue doubling since the same period in 2019. It’ a fact not lost on leading industry analyst, Max Bichsel, U.S. business, Senior Vice President for U.S. business at the Gambling.com Group;

 “While overall gaming revenue for New Jersey was quite obviously down again in April, a bright spot continues to be found in the fact that the state has authorized online casino gaming, like poker and blackjack, which saw another all-time high as residents are forced to stay home from Atlantic City,” Bichsel said.

Breaking down the numbers of New Jersey’s state’s online casinos and poker rooms generation of a record $79.96 million revenue number saw online casinos come in at $74.8 million and online poker, a healthy $5.15 million – increasing 118.6% from $36.6 million year-on-year and topping last month’s $64.8 million.

On a daily basis in April 2020, online casinos and poker generated $2.7 million during the month’s 30 days, another increase on the $2.1 million per day for the previous month.

The shift is good news for those who prefer a betting platform that offers both a sportsbook and an online casino available just one click away like FanDuel, 888Sport and SugarHouse.

The current situation has highlighted that adapting to change is of primary importance, and accordingly, these dual-branded online casinos/sportsbooks appear to be the way forward for New Jersey players.

Top Sports Betting Sites in NJ

Betting Site
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1
888Sport
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Sugar House Sportsbook
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FanDuel
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Borgata Sports
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Caesars Sportsbook
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NJ Legal Betting Sites

Betting Site
Bonus
Brand Features
Review
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888Sport
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Sugar House Sportsbook
100% Up to $250
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FanDuel
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Read Review
Borgata Sports
Risk Free First Bet up to $250
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BetMGM Sports
Deposit Match Up To $500
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Read Review
Caesars Sportsbook
First Deposit Bonus up to $300
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Read Review
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