June’s results for gambling in New Jersey have been revealed, which once again remained entirely online due to the closure of casinos and racetracks.
Sports betting showed signs of recovery, with the operators in this vertical generating more than both May 2020 and June 2019.
Overall revenue across all verticals was down year-on-year, but rose slightly compared to the previous month.
How did each vertical fare?
Altogether, regulated online gambling in New Jersey produced $97.5 million in revenue last month. This was much lower than the $287.9 million for June 2019, but a slight increase on the $95.8 million made in May.
Operators within the online casino and poker verticals fell short in their efforts to beat May’s record of $85.9 million, but still performed strongly – making $84.9 million. They contributed $12.8 million in tax. Towards the end of last month, DraftKings launched a new mobile casino app in the state.
There were promising signs for sports betting in the Golden State, which enjoyed a month of growth. Revenue in this vertical reached $12.6 million, which was higher than both the previous month’s figure of $9.9 million and June 2019’s haul of $9.7 million. $1.7 million was generated for the state in terms of tax from sportsbooks.
With the state beginning to open up again, PlayNJ.Com’s Eric Ramsey speculated about what might be in store for sports betting in New Jersey.
“The robust betting on nontraditional sports since the sports world has shuttered has been a surprise, but it will never completely make up for the loss of major sports.
“Futures will continue to gain steam, fueled by pent-up demand, as the opening of baseball, basketball, and hockey nears. If plans continue to move forward, July and August should produce a significant leap.”
What next for online gambling in New Jersey?
Regulated online gambling in New Jersey brought in $422.7 million in revenue in H1 2020, which was 99.4% higher than in H1 2019. One could perhaps link this to the shutdown of casinos in Atlantic City, which have since reopened – albeit at a limited capacity.
PlayNJ.com Lead Analyst Dustin Gouker spoke about the market’s future, with his words being as follows.
“The Golden Nugget Online Gaming going public, in addition to the recent success of DraftKings stock, shows just how much interest investors have in the future of online gambling.
“Online gambling has proven its importance to the industry through this crisis. Even if the growth slows with the return of retail casinos, it will continue to be an enormously important vertical for the industry.”
