New Jersey saw $165 million wagered on sports for the month of June, according to the state report. All $165 million bet in June was made via mobile betting, due to the coronavirus keeping casinos closed.
The sports betting industry continues to recover after posting two straight months of revenue increases. New Jersey hit their low this year in April when only $54.6 million was wagered in the state.
June is typically a slow betting month for the Garden State as it is more challenging to get bettors out in the dog days of summer. However, the revenue numbers coming in from last month are encouraging to show that recovery is happening, and should continue to happen as major U.S. sports return.
New Jersey Sports Betting Breakdown
New Jersey sees its handle hit over $150 million thanks to sports like the UFC, PGA, and NASCAR. The sports category “Other” is has seen the most action this year as $585 million has been bet on sports that are not football, basketball, or baseball.
New Jersey brought in $6 million in sports betting revenue from the month thanks to mobile betting. This is up from May’s $5.2 million, and April’s posting of $822k. Surprisingly, June revenue for 2020 is up from June 2019. Last month, sports betting revenue hit $12.6 million compared to the $9.7 million New Jersey posted in 2019.
Despite coronavirus hitting the sports betting industry hard, New Jersey is not far behind 2019 year-to-date revenue numbers. Through June 2020, New Jersey has generated $108.9 million from sports betting revenue. Through June 2019, the Garden State has seen $109.6 million in sports betting revenue.
The numbers are down but still encouraging, given the circumstances. Mobile betting in New Jersey has been a lifesaver for casinos and the state, as users are still able to place bets despite having to stay home.
Can New Jersey Recover?
The short answer is yes. Sports and sports betting across the world took a hit when the coronavirus broke out. Leagues shutdown and sportsbooks everywhere hit all-time lows for April as the sports betting landscape was barren.
Now, some individual sports are running like the UFC, PGA, and NASCAR, giving bettors options on U.S. sports. Other leagues across the world have restated like the KBO in Korea, Bundesliga in Germany, and Australian Rugby. Bettors have even found solace in table tennis and darts.
At the end of July, the NBA and MLB are set te return with the NHL starting August 1. As of writing this, the NFL is on schedule, and college football is beginning to lean towards conference-only schedules.
If New Jersey can post a $165 million betting handle in the middle of a pandemic, then sportsbooks will be fine once major U.S. sports return to action. July should see a slight uptick from June, but August and September will explode and make up for the time missed because of COVID-19.
All four major sports will be going on at once for two straight months, along with the Masters and Kentucky Derby in the fall. New Jersey sportsbooks will continue to recover along with the sports world.