new jersey online sports betting

Maybe New Jersey should think about changing its nickname from the Garden State to the Sports Betting State?

New Jersey continued its sports betting dominance as the Division of Gaming Enforcement reported $814.2 million in total sports betting handle for the month of May, a nearly 9% increase from April’s total of $747 million.

Sports wagering gross revenue was $52.9 million for May.

The Division of Gaming Enforcement reported New Jersey took in $374.2 million in total gaming revenue for May, compared with $95.9 million in May 2020, an increase of more than 290%.

To date in 2021, New Jersey has taken in $1.72 billion in total gaming revenue compared with $929.7 million in the first five months of 2020, an increase of 85%.

May New Jersey Sports Betting Revenues

Only two casinos in the state reported revenues losses in May, as Golden Nugget Online Gaming reported sports betting revenue losses of $87,211 and Resorts reported revenue losses of $383,005.

Casino Licensees2021 November Sports Wagering Revenue2021 October Sports Wagering Revenue
Bally's (Premier)$164,912$162,945
Caesars $891,405$631,641
Golden Nugget$38,415$83,888
Golden Nugget Online Gaming$174,112$54,659
Hard Rock$1,333,563$1,029,292
Ocean Casino$830,334$415,121
Resorts Digital$22,448,197$15,924,149

The Meadowlands Racetrack continued its sports betting revenue dominance in the state with more than $34.6 million in revenue for May.

Racetrack Licensees2021 November Revenue2021 October Revenue
Freehold Raceway$7,927,171$6,969,453
Monmouth Park$4,978,520$4,542,182

Will New York Challenge New Jersey for the Sports Betting Crown?

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.

Covering regulatory developments in online gambling throughout this fine country.