“Market share cemented” as New Jersey sportsbooks report $71.3m June revenue
New Jersey’s online and retail sportsbooks faced a decline in betting volume for June, but still managed to yield $71.3m in gross gaming revenue.
The reported revenue is the highest since sportsbooks posted a record $82.6m in January; the main source of revenue came from parlay betting which made $164.4m.
Online and retail sportsbooks took in $766.9m in bets during June, a 5.8% decrease from May’s $814.3m. June’s betting produced $10.5m in state and local taxes.
However, June’s total is still a year-on-year increase as bets amounted to $117.8m in 2020, a month that was plagued by pandemic-related closures.
Dustin Gouker, PlayNJ.com Analyst, said: “Overall, New Jersey continues to perform far better than every other sport betting market in the US.
“No market can completely overcome a lack of betting inventory, but New Jersey’s sportsbooks continue to find ways to capitalise on what the sports world is offering, most notably the NBA Playoffs and baseball.”
According to PlayNJ, New Jersey’s advantage over other states is the popularity of the NBA in the Northeast.
During June, there was $190.9m worth of basketball-related bets, the most of any sport during the month.
Across the first six months of 2021, basketball has created $1.7bn in wagering, which is 34.5% of the $4.8bn total handle.
Eric Ramsey, PlayNJ.com Analyst, said: “While sportsbooks in most states have been scouring the sports landscape for opportunities to drive interest, New Jersey’s books have successfully capitalized on the NBA playoffs and baseball.
“It feels like market share in New Jersey is cemented right now.”
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