New Jersey betting revenue plummets due to sports shutdown

New Jersey’s Sports betting revenue and handle both saw a significant decline in March thanks to the cancellation of sporting events due to the coronavirus pandemic.

According to figures from the New Jersey Division of Gaming Enforcement (NJDGE) sports betting revenue amounted to $13.2m in March, a significant decrease on the $31.7m generated in March 2019.

March’s handle was also down to $181.9m representing a 51.4% drop on the $372.5m wagered the same time last year. Bettors in the state wagered $163.4m via online platforms accounting for the majority of the state’s betting handle.

The drop in betting handle and revenue can be attributed to the shutdown of all major US sporting events due to the coronavirus pandemic.

Breaking down the figures

Meadowlands and its sub-licensees FanDuel and PointsBet continued to lead the market after generating a combined revenue of $5.9m from sports wagering activities. The latest figures represent a significant decrease on the $17.6m the operators generated in March 2019.

Resorts Digital, along with its partners DraftKings and Fox Bet, came in second place after generating $5.1m in revenue in March.

None of the state’s other operators managed to generate more than $1m in sports betting revenue/ Monmouth Park and its sports wagering partner William Hill came the closest with a revenue of $849,040.

Sports betting in New Jersey

Since the launch of sports betting in New Jersey last year, the market has seen considerable growth and has become the largest market for online gambling in the US.

The Garden State is currently home to 15 online and mobile sportsbooks, with several more set to enter the market in the coming months

New Jersey’s success can be attributed to the openness of the state’s betting market. The state’s regulations allow bettors to create online sportsbook accounts remotely from anywhere within the state, making it much more convenient to sign up and bet.

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