New Jersey is fresh off a slower April but, if history is any indication, things should turn around soon enough.
The New Jersey Division of Gaming Enforcement released figures showing a 16.2 percent decline in online gaming revenue in April compared to March.
Between the New Jersey online casinos and the authorized sportsbooks in place, the total gross revenue took a hit of roughly $10.27 million in April compared to the month before. Also, reported by the New Jersey Division of Gaming Enforcement was that the online gross revenue made $63.36 million in March and $53.08 million in April, according to a release.
All in all, the state’s sportsbooks took $317.3 million in bets in the month of April which was just over $55 million from March. Sports betting in total was down 33 percent in April from March, going from $31.7 million to $21.2 million, per the reports from the state DGE.
The NCAA Men’s Basketball Tournament or “March Madness” was a huge money maker for the states with legal sports betting in place. April has NBA playoffs, NHL playoffs, baseball and golf at the forefront.
This dip in revenue and bets placed shouldn’t come as a shock to anyone, but at the same time the numbers can look quite worrisome at first glance.
The report breaks this all down in three gaming categories which took in these amounts this month: gross online casino gaming win ($34.91 million), gross online sports betting win ($16.50 million) and gross online poker gaming win ($1.67 million).
The Golden Nugget and Resorts Casino are the two online casinos that command the most attention in the state and operated a ton of space.
The Golden Nugget Casino along with Resorts Online Casino earned a reported $13.85 million in gross casino gaming revenues from both the Golden Nugget Online Casino and SugarHouse Online Casino. Betfair Online Casino and FanDuel’s online casino gamblers are also included in that number.
As for Resorts Casino, the gross casino revenue from gaming was at $6.58 million and that came from Resorts Online Casino, Mohegan Sun Online Casino, PokerStars and DraftKings.
The decrease in revenue from the casinos and sportsbooks isn’t great news for the state but, again, April is always expected to have less action than many other months.
Regardless of all that the New Jersey Gambling online sites did really solid things overall in April, recording the second-biggest month of revenue since the state legalized sports betting last June. That number ($36.58 million) came from casino game and online poker revenues for April.
According to the Philadelphia Inquirer, gamblers have now placed bets totaling $2.6 billion in sports bets since June 2018 when New Jersey became the only other state to legalize sports betting besides longtime leader Nevada.
The future is bright for New Jersey as a whole despite this drop in revenue for sports betting in April. Busier months are ahead including May and June with the NBA and NHL championships set to be played. July will be jampacked with baseball while August will see a boost from the NFL preseason. Things will continue to be steady in New Jersey until the bigger events come.