Author: Joe Kizlauskas
Last Updated: 30th January 2021
New Jersey is celebrating a bumper August after the return of major sports catapulted the area “to the best month in any legal jurisdiction’s history,” as igaming edged out its earlier record results.
New Jersey’s online casinos and poker rooms continued to impress with a record revenue of $87.8 million during the month, up 113.6 percent from $41.1 million in August 2019.
With Atlantic City casinos open for the whole month, generating $199.1 million in revenue, online casinos still edged the previous $87.5 million generated in July to take New Jersey ‘s overall monthly gaming revenue to $326.3 million , down 7.5 percent from $352.7 million year-on-year.
Golden Nugget maintained its market-leading igaming position with sales of $27.6 million (2019: $14.9 million), with Borgata reopening to the general public on July 26, leading the ground table with $40.4 million (2019: $71.9 million).
The month also marked the fifth consecutive month for online casinos and poker reaching at least $80 million. Online gambling has generated $597.98 m on a year-to-date basis and analysts at PlayNJ say it’s on track to more than double the $482.7 m revenue in 2019.
Eric Ramsey, analyst for PlayNJ said: “New Jersey’s online casino market appears to have set a new floor as it continues to fare well even as casinos reopen in Atlantic City.
“As people were forced to stay home, they were introduced to these online gambling products. And many of those gamblers apparently liked what they found. I am not sure the online market will ever return to pre-pandemic levels.”
New Jersey’s online and retail sportsbooks raised a whopping $667.98 million in wagers in August, up 112 percent from $315.1 million in July, overtaking Nevada’s $614.1 million all-jurisdiction record set in November 2019.
The handle of August was up 127.5 percent from $293.6 m yoy, raising the November state record of $562.7 m handle collection. The latest statistic means sportsbooks in New Jersey have raised $8.4bn in wagers since the start of the industry.
Dustin Gouker, lead analyst for PlayNJ.com said: “A full schedule of baseball, basketball, and hockey was enough to unleash an avalanche of pent-up demand.
“New Jersey’s sports betting market has proven resilient since the pandemic began, drawing more bettor interest since March than any other US. jurisdiction. With major sports back on the board, though, the state’s sportsbooks are showing shocking strength.”