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NJ Sports Betting Revenue Plummets Amid COVID-19

The COVID-19 pandemic has forced the NCAA Tournament to cancel as well as the MLB, NBA, and NHL season to be put on indefinite hold. As such, last month was something of a worst-case scenario for the sports betting industry in the Garden State.

Let’s take a look at some recent statistics:

These values are in stark contrast to the expansion the industry has experienced since sports betting was legalized in the Garden State in June of 2018. During January’s lead-up to the Super Bowl, gross revenues in the state rose by 185% from a year earlier, up to $53.6 million.

Monmouth Park, home of the William Hill sportsbook, had been relying on revenues from sports betting to fund race purses at its upcoming meet. The opening day has been rescheduled from May 2nd to Independence Day due to COVID-19, with racing days reduced from 56 to 36.

FanDuel, DraftKings, and Other Mobile Apps

As expected, the lion’s share of the best slips came in via the 17 NJ mobile sportsbooks apps. Retail sportsbook revenue clocked in at a combined loss of $93,821 — a direct result of shutting down the same day as casinos and racetracks. The mobile handle accounted for $163.4 million of the betting action.

FanDuel led the field, taking in the bulk of the $5.9 million reported by the Meadowlands Racetrack. PointsBet NJ falls under the license, too. However, this number is a hefty drop from the $17.6 million earned during the same period last year.

Resorts Digital, which includes DraftKings Sportsbook, Fox Bet NJ, and the Resorts-branded app, finished with $5.1 million. DraftKings customers account for the majority of that number.

MLB, NFL, and NBA Eventually Returning

We shouldn’t expect the New Jersey sports betting numbers to take a turn for the better any time soon. Unlike March, April was a full month of no college or professional sports. This includes the NCAA Final Four and The Masters, the latter of which has been pushed off until November. The Division of Gambling Enforcement has approved other options, although these new offerings won’t come close to matching the NBA, NLF, or MLB betting markets.

If you or someone you know has a gambling problem, call our hotline today. Support, treatment, and hope are just a dial away.

Sources:

https://www.espn.com/chalk/story/_/id/29040226/sports-betting-numbers-show-pandemic-impact

https://www.njgamblingsites.com/28425/march-2020-nj-sports-betting-revenue/

https://www.app.com/story/sports/2020/04/15/nj-sports-betting-revenues-handle-plummet-march-amid-pandemic/2955444001/