On Wednesday, New Jersey released their sports betting revenue numbers for July, and they exceeded expectations in a big way.
New Jersey sportsbooks took in$315.1 million in bets last month and reported almost $248 million in total gaming revenue. Not very surprising but the numbers are still down from last July, which makes sense in a pandemic.
Some of the impact was felt by Borgata, who decided to open on July 23, instead of early July like everyone else. Borgata was not too happy about the indoor, dining, smoking and drinking rules put in place.
Mainstream sports in the U.S. finally returned which helped sportsbook tremendously in July. They saw $315 million wagered in July, which is almost doubled June’s numbers and increase from July 2019.
With the MLB and NBA returning at the end of July, sportsbooks in Atlantic City were finally able to see increases in their sports betting handles from April lows. As long as sports continue to be played in the U.S., then sportsbooks will be fine.
July Sports Betting Revenue
Sports betting revenue hit $29.6 million for the Garden State last month. The New Jersey Division of Gaming Enforcement says that is up over 65 percent from July 2019, which is usually a quieter sports betting month.
Online gaming revenue continues to dominate the market as it hit $87.5 million. Thanks to casinos operating at limited capacity, it is keeping people home to gamble.
Atlantic City casino saw total gaming revenue down compared to last year. Again, this is no surprise during a pandemic. Yes, online gambling is up, but people might not want to bet online along with people needing to keep the money just in case something happens.
Sports betting saw its growth thanks to the NBA and MLB returning in July. With two major sports back in action, this will help New Jersey bring in additional revenue compared to when betting on table tennis was a thing.
Sports bettors are using their mobile devices to place bets as mobile betting was at 93.8 percent of the total bets made. Even with casinos open, bettors are staying home. However, mobile betting is saving New Jersey as they are able to bring in revenue from it. Neighboring New York decided not to legalize mobile betting, and it is showing.
Even if casinos are operating at limited capacity, bettors should be able to get in on the action especially when the NFL returns in September. Mobile betting will be a huge boost for the state.
What can New Jersey Expect Next?
New Jersey will most likely see revenue numbers continue to increase throughout August and September. The MLB returned July 23, and the NBA came back a week later. Atlantic City was only able to capitalize on sports betting in the last July 3.
Now, August will have a full month of NBA, NHL, and MLB for bettors to get action in on. If Atlantic City sees a $315 million handle for July, then it would not be surprising if August and September are over $500 million.
With a full month, and bettors looking to get their action in, New Jersey could see the handle hit close to all-time highs. Especially with sports betting having a big impact via the mobile device, New Jersey will be excited about what is to come over the next few months.