New Jersey sportsbooks record $814m handle in May

By Peter Lynch

New Jersey has recorded sports betting handle of $814.3m for May 2021, a 9% increase from April 2021.

According to PlayNJ, the figure is a 591% rise from May 2020, in what is “a typically slow month in the sports betting industry.” Revenue for the month reached $52.9m, a 4% decline from April 2021, while this month’s win yielded $7.9m in taxes.

Online betting accounted for $736.7m of the state’s total handle for the month, with retail sportsbooks accounting for $77.6m upon the loosening of capacity limits at Atlantic City casinos.

And it was basketball that produced the highest total in bets at $216.7m, with the New York Knicks, Brooklyn Nets and Philadelphia 76ers all in action in the National Basketball Association playoffs. Baseball followed with $186.1m in wagering.

FanDuel Sportsbook/PointsBet led the way in online operators with $29.8m in gross revenue for May, with its Meadowlands venue also leading the retail sector with $4.8m in revenue.

The latest figures mean that the Garden State has surpassed Nevada as the country’s largest sports betting market. Since launching in June 2018, New Jersey has generated $16bn in bets and $1.1bn in gross revenue.

“Sportsbooks have been able to capitalize on the NBA playoffs to shallow the typical summer slowdown, online casinos continue to generate huge revenue, and Atlantic City is getting busier,” said Dustin Gouker, analyst for PlayNJ.com. “New Jersey’s gaming industry appears healthier than anyone would have thought possible a year ago.”

Online casinos and poker rooms meanwhile recorded over $100m in revenue for the third consecutive month, with May’s total reaching $108.2m. The vertical has generated $3bn since launching in November 2013.

Borgata led the way for the month with $32.8m in casino and poker revenue, with Golden Nugget in second with $31.1m. Resorts Digital, which includes the DraftKings and Fox Bet brands, followed with $21.6m.

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