NJ Online Gambling: Up and Up!
Online casinos and sportsbooks saw another record-breaking year in 2019. Combined, they saw $482.7 million in revenue in 2019!
The fact is that the online casino industry has seen increases nearly every single month in New Jersey. February 2020 saw a small, expected dip from January. However February still beat January in terms of daily revenue.
NJ Online Betting Revenue in 2020
At the time of writing, New Jersey is pulling out of a rough couple of months. Revenue in May 2020 was $117,821,280, which is a 116% improvement over April’s measly $54,593. Still, May 2020's income is a far cry from May 2019's, which was $318,940,677.
Now (as of the time of writing) that Atlantic City is reopening and some sports are going, we can expect a jump in sports betting.
But don't think that gamblers were sitting twiddling their thumbs while sports were down. Online casino gambling saw a huge jump this May. Over $85 million came in through online casino and poker sites, which is a huge jump from May 2019's $38,300,000.
...and the bad news
The bad news is that March was pretty lousy for the gambling industry in New Jersey as a whole. Obviously the land-based casinos took a hard hit due to Covid precautions. That means, despite online casino's increases, the industry as a whole was down 44% in March.
We can expect a substantial increase in income as physical casinos are opening back up. But when the industry will get back on track is the million-dollar question.
NJ's 2019 Sports Betting Revenue
At the end of 2019, New Jersey could boast of a huge revenue of almost $300 million. That's the money in, and the other good news is that folks are eager to play: sportsbooks saw $4.58 billion handled in 2019!
And the state of New Jersey certainly isn't complaining either. $36 million is going into New Jersey state tax coffers!
Which Online Sportsbook Made the Most Money in 2019?
The big winner for 2019 was FanDuel...without a doubt! FanDuel made over $149 million in 2019. That's over half of the combined revenue from all sportsbooks in New Jersey! Coming in a distant second is DraftKings, which raked in around $79 million.
A Glorious December 2019 for Online Casinos!
2019 ended with a nice couple of months for online casinos and poker sites in New Jersey. December was the big month, where the Garden State saw $49.3 million flow in from online gambling. December 2019 was the most lucrative month for New Jersey online casinos and poker sites so far.
As usual, the online casinos were leading the way here. They contributed $47.6m to that $49.3 million. Poker's being a bit of a slow poke, but we'll hoping it'll step up soon.
Sportsbetting's Big December 2019!
Online sportsbooks saw a huge $557.8 million in handled bets in December 2019. That means it nearly met November’s record-setting $562.7 million!
New Jersey Tax Revenue
The state of New Jersey has done very well under online gambling, and they made sure they would. While the state gets 8.5% of revenue from land-based casinos, you'll have to cough up 13% of your winnings on an online casino.
Conclusion: Online Betting in New Jersey
All in all, NJ online gambling sites are on the rise in terms of revenue. Like most of the businesses in the U.S., the casino industry in New Jersey took a tough hit from February on. Luckily the online casino branch was able to make up for substantial losses in the physical casino and sports betting.
Restrictions on Atlantic City casinos are currently easing, which is good news for many. The sports betting industry is also trying to find ways to stay afloat amid the current situation.
We can look for New Jersey casinos taking a more international look toward sports. There is also the increasing likelihood that virtual sports betting will find wider audiences.