The Garden State keeps rolling along as the preeminent sports betting body in the country, reporting more than $747 million in sports betting handle in April, up 138% from April 2020.
Total gaming revenue in the state for April was $352.2 million, an increase of more than 326% from the $82.6 million in reported sports betting revenue in April 2020.
The $747.8 million in sports betting handle is down slightly from March’s $859.6 million, which was to be expected. The men’s NCAA basketball tournament in March pushes betting totals up each year.
Top five U.S. states in sports betting handle since PASPA repeal (June 2018-present):
1. Nevada: $14.5 billion
2. New Jersey: $14.4 billion
3. Pennsylvania: $6.8 billion
4. Illinois: $3.6 billion
5. Indiana: $3.4 billion
— Ben Fawkes (@BFawkes22) May 14, 2021
April Sports Betting Revenues Remain Steady for New Jersey
Only one casino in the state reported revenues losses in April, as Caesars reported sports betting revenue losses of $214,827.
|Casino Licensees||2021 May Sports Wagering Revenue||2021 April Sports Wagering Revenue|
|Golden Nugget Online Gaming||($87,211)||$205,541|
The Meadowlands Racetrack continued its sports betting revenue dominance in the state with more than $29 million in revenue for April.
|Racetrack Licensees||2021 May Revenue||2021 April Revenue|
Can New York Online Sports Betting Plan Tip The Scales?
New Jersey has been the national leader in sports betting revenue and handle since legalizing sports betting in 2018. But with New York’s online sports betting plan poised to ramp up by the Super Bowl will there be a new challenger to the crown?
New York officials have estimated upwards of $500 million in revenues for the state when the online betting plan is fully operational, but estimates for a monthly handle have not yet been determined.
However, an industry study cited by Gov. Andrew Cuomo estimated that nearly 20% of New Jersey’s sports betting revenue came from New York residents crossing into New Jersey to wager on games.
If New York’s online betting program is successful, it can be expected that the majority of these state boundary jumpers would remain in the state for the sake of convenience.
Senator Joseph Addabbo Jr. (D-15), a longtime proponent of online sports betting for New York, said New York can likely retain some of those bettors if the state offers an elite, top-tier program.
New Jersey has a two-year head start over New York, as does Pennsylvania. New York must also compete with the bevy of illegal sportsbooks state gamblers have used over the last several years, he noted.