The state of New Jersey has recorded an unprecedented boom in sports betting in August, with around a $668 million betting handle.
Amid all the adversities including the coronavirus pandemic, the Garden State’s performance has been phenomenal. While most of the states saw a struggling industry, NJ’s sports betting industry had never been better in terms of wagering.
Not only has a new record been made, but the figure also has absolutely shattered the previous US record set last November in Nevada. In November 2019, Nevada recorded $614 million in wagering, meaning this August New Jersey broke the record by a whopping $54 million.
New Jersey August Handle Sets Higher Standards
The figures speak for themselves; in New Jersey, the sports betting is flourishing better than anywhere else. A particular aspect that has certainly helped the state reach a record monthly total was the varied options of live sports to wager on.
Amid this great month of sports betting, the two racetracks and casinos within New Jersey heavily relied on the online sports betting industry in order to “cushion the blow” of what inevitably has been months’ of losses because of shutdowns and reduced capacity.
Altogether, the racetracks won approximately $326 million from bettors in August according to the state Division of Gaming Enforcement. As the casino establishments are reduced to just one-fourth capacity at the moment, these numbers have been encouraging and higher than initially hoped.
2020 Revenue Vs. 2019 Revenue
The best way to compare any industry’s success is to form a comparison between previous years’ revenue. Therefore, in order to gain a clearer picture, let’s compare the revenue for August 2020 to August 2019; there has been a mere 7.5% decline this year, which is excellent considering all the obstacles the global pandemic has forced upon the gambling industry.
While speaking about the state’s gaming industry, chairman of New Jersey Casino Control Commission, James Plousis, said, “Recovery is underway, even with continuing travel advisories that reduced visits from out of state.” Plousis added that Atlantic City casinos won around 70% of their totals from August 2019, declaring this Augusts revenue is, therefore, a “strong performance”.
Indoor dining resumed on September 4 and is likely to help the revenue totals moving forward. Now, analysts are breathlessly waiting to see what the future brings in terms of numbers; some even claim New Jersey could break its own record that it just set in the final months of 2020.
Online betting also deserves a particular mention as it managed to draw in $87.7 million during August. At first glance, this looks good, but considering this is more than double in comparison to last years figures truly shows the success of the industry, even in difficult times.