New Jersey sports betting slows in July, but online casino sets new records

Image source: Shutterstock

Despite the NBA Finals and Tokyo Olympics, New JerseySports betting has not been able to ignore a national trend that has generally made July the slowest month for sports betting.

But with relatively high sports betting earnings, another monthly record for online gambling and good results from Atlantic Citystate retail casinos, state gaming outlets set a new monthly record for total gaming revenue with $ 450.6 million in July, according to PlayNJ.

Online and retail sports betting accepted $ 578.7 million in bets in July, down 24.5% from $ 766.9 million in June. July 2021 was up 83.7% from $ 315.1 million in July 2020, a month with baseball relaunched and the start of the NBA bubble.

July bets were well below February’s $ 743 million, previously the low of the year. This echoes 2019, when July’s $ 251.4 million was the lowest monthly tally that year.

David Danzis, senior analyst for PlayNJ.com, explained, “Atlantic City is getting a boost in summer tourism, but July is a time when summer travel and busy schedules put online sports betting on the back burner, especially for locals.

“Ultimately, online casino games, retail casinos, and online and retail sports betting function like a three-legged stool, and together they help the New Jersey gaming industry to surpass the most markets in the United States. “

At 7.8%, the ownership percentage remained high in July for New Jersey sports betting, generating $ 55 million in gross gaming revenue. This was down 22.9% from $ 71.3 million in June and up 86% from $ 29.6 million in July 2021. In the end, sports betting generated 8.3 million dollars in state and local taxes in July.

Baseball was the top sport in July with $ 195.4 million in stakes during the month, up from $ 169.3 million in June. With the NBA Finals in July, basketball was second at $ 74.8 million, up from $ 190.9 million in June. Sports listed as “other,” which would include the Olympics, fell to $ 180.4 million from $ 234.8 million in June.

“The Olympics did not cause a spike in volume, which was further limited by the significant difference in time zones,” said Eric ramsey, analyst for the PlayUSA.com network, which includes PlayNJ.com. “The NBA Finals have helped the state’s sportsbook avoid a steeper decline, and the Olympics have given sportsbook a chance to reach new customers, which can be invaluable down the road.

Online operators generated $ 529.4 million in bets in July, or 91.5% of July’s management statewide. FanDuel Sportsbook / PointsBet once again leading online operators with $ 29.5 million in gross revenue, down from $ 38.1 million in May.

Retail sports betting continued to recover, totaling $ 49.3 million in wagers in July, up from $ 83.9 million in June. Meadowlands / FanDuel topped all retail sports betting in July with revenue of $ 2.2 million.

“Casual sports bettors engage with sports betting less frequently in the height of summer,” Danzis said. “But the good news for sports betting is that sports betting will soon start to gain momentum as casual punters return home from summer vacation and start focusing on soccer.”

Online casinos and poker rooms continue to avoid any summer downturn, generating record gross sales of $ 118.7 million in July. This is an increase of 35.7% from $ 87.5 million in July 2020 and 10.9% from $ 107.1 million in May. July shattered the previous record of $ 113.7 million set in March.

Online casino games alone generated $ 115.6 million in July, bringing lifetime revenue to $ 3 billion since online gambling launched in November 2013. And the growth has been steady from the start. . In the seven months of 2021, online casino games and poker generated $ 752.9 million in revenue, up 47.6% from $ 510.2 million in the same period in 2020.

“The Atlantic City rebound hasn’t slowed down online casinos a bit,” said Ramsey. “Any concerns that the return of casino visits will come at the expense of online income should be alleviated now.”


Source link

Comments are closed.