Though New Jersey’s sports wagering handle and revenues dipped in April compared to the previous month, the April decrease was consistent with the slowing of sports wagering across the country. March is a tough comparison considering that month is buoyed by March Madness betting money. April’s handle was down 17.3% from March, when it was $1.12 billion.
However, the New Jersey sports betting handle keeps bumping up against the $1 billion threshold with a handle of $927 million in April and a year-to-date total handle of nearly $4.4 billion.
New Jersey Sports Betting, April vs. March
New Jersey Strong Despite NY Launch
Before New York launched online sports betting this year, an estimated 20% of New Jersey’s sports wagering action came from New Yorkers. So it was anticipated that the launch of online sports betting in New York would show up in New Jersey’s figures. With New York beginning online sports betting in January, the impact on Jersey has been closer to 15%, so far.
In New Jersey for April, sports wagering gross revenue reported by casinos, racetracks, and their partners was $50.3 million. That was an 8.2% decrease from March’s $54.8 million. More than $6.4 million in taxes went to the state from all sports betting. But the April handle was 23.9% higher than April 2021 ($748 million).
In the year-to-date sports wagering financials, sports wagering gross revenue was $207.8 million. That was a 14.9% decline ($244.2 million) from the same period in 2021.
New Jersey Sports Betting, April 2022 vs. April 2021
Online Sports Betting Dominates
The internet component of sports wagering continues to be dominant in New Jersey. In April, about 93% of all sports betting – about $863 million – was done online.
With the outcomes of many bets still outstanding for the year, such as futures wagers, the hold so far this year on sports bets has been an aggregate 4.7% with parlay betting being the most lucrative for the operators with a hold of 15.3%.
Online casino gambling continues to be a powerful revenue driver in New Jersey. For April, the win for internet gaming was $136.9 million, accounting for more than 35% of all gaming revenue in the state.
Casinos Up More than 24% from 2021
Overall, the New Jersey gaming industry showed growth. In April, the total win for the nine casino hotel properties was $235.3 million, an increase of 24.1% in a year-over-year comparison with April 2021 ($189.6 million).
The year-to-date total brick-and-mortar casino win is $848.0 million, an increase of 24.2% compared to the first four months of 2021 ($682.7 million).
In April, taxes paid to the state from all gambling – casino and sports, brick-and-mortar and internet – was more than $42.3 million. Year-to-date, total gaming taxes have been $164 million.
New Jersey is one of six states with legal, regulated online gaming, along with Pennsylvania, Delaware, Michigan, West Virginia and Connecticut. Those states plus Nevada have legalized online poker as well.