Data shows New Jersey could become the first state to generate $1bn in annual iGaming revenue.
New Jersey’s gambling market took in $664.7m in bets in August, which was down 0.5% from $668m in August 2020, but up almost 15% from the $578.7m in wagers in July 2021. According to this data, sportsbooks have so far generated $6.1bn in wagers in 2021, topping the $6bn handle produced in all of 2020.
Baseball was August’s main attraction with $248m in wagering (up from $195.4m in July), while football generated $27.4m worth of bets.
PlayUSA (which includes PlayNJ) Analyst, Eric Ramsey said: “The state’s online casinos continue to churn out $100 million-plus revenue months, month after month, and August’s growth shows just a hint of what is to come for sports betting. Now the state’s sportsbooks and online casinos are both poised to reach heights that not long ago were thought to be impossible.”
Online gambling has generated around $100m in revenue for six consecutive months and has so far produced $866.1m in revenue for the year. This means the industry is set to surpass the record of $970.4m in annual revenue (for all of 2020) and also surpass $1bn in annual revenue for the first time.
Regarding the bettor’s preference for online gambling, Ramsey added: “This year’s revenue could end up nearly tripling the revenue gained in all of 2019, which is remarkable to think about. The behaviour change we saw last year appears long-lasting, and perhaps even permanent. While there are some bumps in the road ahead for sports betting, including increased competition from neighbours, it appears there is not much that will slow down online casinos.”