Sports Betting Revenue Rises Sharply in New Jersey In June

Sports Betting Revenue Rises Sharply in New Jersey In June

The sports betting handle of New Jersey has been better off than its peers. The state already has multiple sports betting companies operating within bounds and has a flourishing mobile betting market as well. It saved the state from extremely disappointing sports betting figures during the shutdown.

Rising revenues in June

The month of June showcased rising revenues for the state. The month brought better than expected rise in the sports betting handle. Numbers suggest that the state’s betting handle is similar to that of 2019, showing no signs of extensive damage as is evident in other states. The total sports betting handle for the month was $165,014,553 which shows a massive 40% rise from the May handle, which was $117,821,281.

Sports Betting Revenue Rises Sharply in New Jersey In June

The latest figures from the state Division of Gaming Enforcement suggest that the online handle remained almost at par in May and June. As all retail sportsbooks and casinos are closed, the state can only depend on mobile sports betting. The net revenue for the state in June was $12.63 million which is 27.5% higher than the $9.91 million earned in May. In June 2019, it earned $9.70 million, marking a 30.3% year-on-year increase.

Sports betting revenue remains identical to last year

In the first six months of 2020, the sports betting revenue for the state was $108,929,049 which is only 0.6% lower than the $109,633,765 it earned during the same period last year. The handle in June 2019 was $273,222,965 which NBA Finals and MLB in place. This year, the figure went down by almost 40%. The mobile handle in June 2019 was $226,702,566 but it fell down by 27.2% this year.

This year, users got to bet on NASCAR and UFC events, and the events are expected to continue in July, bringing in better revenue numbers. The PGA Tour has also gotten back in action and golf betting has also returned. Both the MLB and NBA are expected to restart at the end of July, which could push the revenue figures higher in July as well as August.

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.