Sports Betting Revenue Takes A Dip In New Jersey For April

Sports Betting Revenue Takes A Dip In New Jersey For April

The coronavirus pandemic has taken a toll on the sports betting industry with the American Gaming Association estimating a $43 billion hit. As more states start releasing their data for April, it is becoming clear that the damage has been great.

Revenue falls

According to recently released figures, New Jersey’s gaming revenue experienced a sharp 68.9% decrease year-on-year. Its revenue for the month of April fell from $265.4 million in April 2019 to $82.6 million in April 2020. The state experienced the biggest decline in in-person games like table games and slots. Sports betting revenue also decreased during the month.

Sports Betting Revenue Takes A Dip In New Jersey For April

The betting revenue for the state was just $2.6 million during the month. In April 2019, it was $21.2 million. However, the total sports betting revenue is still higher than last year at $86.4 million. It was $84.4 million in 2019. This suggests that the state was on its way to get a big boost in the sports betting industry if the pandemic didn’t hit.

Online gaming revenue increases

The online gaming revenue of the state was $74.8 million in April 2020, which marked a 114.3% increase over the same month last year. New Jersey, Delaware, and Pennsylvania are the only three states in the US to offer online casino games legally to the punters. Poker revenues increased from $1.7 million last year to $5.1 million this year, marking a 208.7% increase. Poker is legally available online in four states- New Jersey, Nevada, Pennsylvania, and Delaware.

Some other states are also pushing for legalized online casino games, which include poker. Most states are suffering because of the coronavirus pandemic and will be needing precious revenue in the months to come to keep their economies afloat. Michigan and West Virginia are two of the states eyeing such regulations. Sports betting is expected to take off as UFC, NASCAR, and live golfing events restart.

About sherlock

Sherlock Gomes loves to write and express his views on anything related to Gaming, Gambling, & Casino. He has been covering Gaming for more than two years now.