New Jersey, the top sports betting market in the United States, saw the total sports betting handle drop by 13% in April. This number was not surprising to regulators as the NCAA Men’s Basketball Tournament provided a huge boost during the month of March.
The total sports betting handle for April was $748 million, and New Jersey should still be the top overall market in the United States for the month. This did represent an increase of nearly 1,300% year-over-year, but the 2020 numbers were lower due to the pandemic.
Total sports betting revenue came in at $54.8 million for the month of April, which was a drop of just 9.7%. April has never been a big month for the sports betting industry, and the upcoming months are typically slower as well.
Mobile Continues to Lead
Mobile or online sports betting continues to be the most popular way to bet on sports in the Garden State. Retail sportsbooks are back open after COVID-19 restrictions have loosened, but betting with a phone or other mobile device is simply too convenient.
91 percent of all bets placed during the month of April were made online, and the mobile betting handle was $681.2 million. This was still a drop of 12.7%, but online operators in New Jersey continue to see plenty of action.
US Market Seeing Big Hit
Only a handful of states have announced their sports betting totals for April, but a disturbing trend has emerged. The April total sports betting handle for the entire country is expected to decrease significantly, and this could be the norm until the start of the 2021 NFL season.
Indiana and Iowa are two states that have reported April sports betting handle figures, and there was a decrease of right around 25 percent from March. The total sports betting handle in West Virginia was nearly cut in half in April, and there is a chance that other states will face a similar fate as the Mountaineer State.
The US sports betting industry set a new record in March with over $4.6 billion in total sports betting handle. The next goal is $5 billion, and that could ultimately come at some point later this year, especially as more states launch the industry.
New York Not Yet a Threat
New Jersey’s reign at the top of the US sports betting market could come to an end at some point, especially if New York is able to get its mobile sports betting industry up and running. New York has legalized this form of betting, but it’s unclear when it will launch.
One thing that will help New Jersey is that New York has included some interesting and unfavorable rules for online-only sports betting markets. New York is not expected to have a “free market” as there will be a small cap on licenses.
The launch of New York online sports betting will affect the New Jersey numbers, but it might not be as significant as what was once feared.