A new national record set
New Jersey’s sports betting handle was $668m for the month of August, according to data from the New Jersey Division of Gaming Enforcement. This sets a new national monthly record for the US, breaking Nevada’s former high of $614m in November 2019.
Total sports wagering revenue for the state was $39.5m for the period, reflecting a sharp increase of 57% year-on-year. Betting revenue was up 16.5% for the year-to-August 31 (YTD) at $178m. The Meadowlands racetrack, the partner of PointsBet and FanDuel, generated the highest figure.
most popular form of sports betting was online
The state also saw significant growth across its online segments. Internet gaming win was $87.8m for August, reflecting an increase of almost 114% from 2019. The most popular form of sports betting was online, with customers wagering $601.9m in comparison to $66m spent at retail sportsbooks. ?
Overall gaming revenue was still down for August in comparison to 2019. Total gaming revenue was $326.3m for the period, a drop of 7.5%, while August YTD revenue declined by 29% to $1.618bn. This can be mainly attributed to a continued lack of casino win revenue as a result of COVID-19 restrictions imposed on gambling facilities.
The slow road to recovery
Although New Jersey is still posting year-on-year decreases in its overall gaming revenue each month, James Plousis, chairman of the New Jersey Casino Control Commission, is optimistic. He said: “Recovery is underway, even with continuing travel advisories that decreased visits from out of state.”
Month-on-month casino win indicates some recovery in spite of strict restrictions on casino operations in the state. August’s figure reached $199.1m, representing almost 70% of the total for 2019 and a rise of 23% from July’s revenue. Borgata Hotel and Casino generated the highest monthly casino win total at $40.5m, followed by Hard Rock Casino at $32.8m.
Other US sports betting successes
New Jersey’s sports betting success can be attributed in part to the resumption of major sports leagues such as the NBA, which restarted on July 30 after a four-month suspension. The return of sporting activity has seen other states share in sports handle growth.
West Virginia smashed its previous state record
West Virginia smashed its previous state record with sports betting handle totaling $40.4m for the month of August. This was 153% higher than the $16m the state registered in July. Online handle almost doubled that for July, reaching $31m.
Iowa’s August betting handle increased more than twofold month-on-month, amounting to $50.3m. Again, the majority was wagered online, with bettors spending $35m at sportsbook sites. Finally, Indiana saw a 48% surge in sports betting handle month-on-month for August, with a total of $169m. Of this amount, $144m was wagered online.