New Jersey had another banner month for sports betting .
Figures released by the New Jersey Division of Gaming Enforcement on Wednesday revealed an 8.9% year-on-year increase in revenue for December 2020 with players gambling almost $1B on sports last month.
A total of $996.3M worth of sports bets were placed in December, a record for the most amount of money bet on sports in a single month and the second consecutive month that sports bets topped the $900M mark in the Garden State.
Setting National Records
It represents a 78.6% increase from the previous year and a 6.9% increase from the state’s November 2020 numbers. New Jersey sports betting revenue for December reached $66.4M which beat out Nevada’s $61.8M November figures for the national record. It is a massive 125.6% increase from December 2019 and a significant 31.3% better than November 2020’s $50.6M.
Of the total amount wagered, $929.3M were online bets ( also a national record ) and only $67.0M were wagered at retail locations. Online bets for December were up by 6.6% versus November 2020 and up 90.1% from December 2019. Internet Gaming Win was $99.5M in December compared to $49.3M in the prior period or an increase of 101.6%.
Internet gambling revenue for the month of December 2020 amounted to $99.5M up 101.6% from December 2019. Online casino and slot games revenue totaled $96.4M for the month while online poker win was at $3.0M.
Lifting Gambling Revenues
Online gambling in 2020 help lifted New Jersey’s tax collections in a year where the coronavirus crippled the casino industry. Although the state’s nine land-based casinos have reopened last July after a four-month shutdown, business has not been back to normal. These brick an mortar casinos generated $1.5B in total gambling revenue which is down 44% from the prior year.
In contrast, revenues from online gambling doubled to $970M. New Jersey sports betting, despite sports being halted for four months too, still increased by 33% to $398M. And although the increase in online wagers didn’t make up for the lost revenues in the brick and mortar casinos, they were able to mitigate the losses because online wagers are taxed higher than their retail counterparts.
September was another record-breaking month for the Garden State. After shattering the all-time high for the total number of sports bet taken during a month for a US state, New Jersey eclipsed the mark for the second consecutive month.
Last month, New Jersey shattered the United States record with a total betting handle of $668M for the month of August 2020. That number topped the Garden State’s previous mark of $562.7M which it set in November 2019. The August 2020 figures of New Jersey sports betting also topped the national standard of $614.1M which was set by Nevada in November 2019.
Return of Professional Sports Leagues
On Thursday, figures released from the New Jersey Division of Gaming enforcement revealed that the state raked in an aggregate of $748M in sports bets for September 2020. That’s easily $80M better than the previous month’s totals and represents a 12.1% increase from the August numbers. More impressively, New Jersey sports betting total handle for September 2020 was 68% higher than the September 2019 mark of $445M.
The record-breaking numbers were fueled by the return of America’s major professional sports leagues after their forced shut down due to the COVID-19 pandemic. Major League baseball resumed its season on July 23 while the NBA restarted its campaign on July 31st. Meanwhile, the NHL also returned to the ice on August 1st. The NFL opened its 2020 season on September 10th and that is one of the main reasons why last month’s figures were even higher.
New Jersey Has Overtaken Nevada
New Jersey took the Professional and Amateur Sports Protection Act of 1992 to court in 2018, winning the case in May of the following year with the U.S. Supreme Court repealing the PASPA and allowing the 50 states to created their own legislation allowing legal sports betting. New Jersey was the third state behind Nevada and Delaware to legalize sports betting. Now it has overtaken Nevada sports betting with the highest and second-highest bet taking months in U.S. legal sports betting history.
So far New Jersey sports betting has taken a total of $3.2B in sports bets for the year 2020 and the state has generated a total of $223.1M in revenues off those bets. The September figures from the states of Pennsylvania, Colorado, and Nevada have not yet been reported. Some experts believe that once the numbers of those three states are in, the total sports betting handle in the United States for the month of September 2020 could reach $3B for the first time ever.