New Jersey is still home to the largest sports betting industry in the country. Revenue from the state’s online and land-based sportsbooks has been steadily increasing as the months go on. Unfortunately, news reports claim that NJ’s sports betting revenue fell during the month of February.
Many are surprised at this news. Super Bowl LV was expected to be a major revenue generator for the state. It seems that the sportsbooks didn’t win quite as many of these wagers as they initially predicted.
Here’s what you need to know!
Super Bowl Betting Hit New Levels of Popularity in 2021
The US sports betting industry has been expanding at a rapid pace since May of 2018. That month, the US Supreme Court made the historic decision to remove PASPA. Doing so immediately gave every state in the country the ability to legalize sports betting.
Today, more than half the states in the country have chosen to legalize sports betting. This industry is proving to be too profitable for states to ignore. Some of these states are earning more money than others, though.
Regulations toward this industry vary from state to state. Some allow online sportsbooks to operate inside the state. Others are only permitting land-based sportsbooks. The ones with internet betting platforms earn considerably more money than others.
Football remains the most popular sport in the country and football betting is now growing more popular every single month. Heading into this year’s Super Bowl, it seemed likely that this would be the most-bet-on NFL Championship game of the year. This prediction ended up being correct.
A massive surge of bets on Super Bowl LV was reported around the country. Sports betting companies were obviously pleased. States also expected to see a huge amount of tax revenue flowing in from wagers on this game.
Interestingly, not every state saw a massive revenue surge last month. That includes New Jersey, which actually saw a decrease in earnings.
Looking at NJ’s Sports Betting Revenue for the Month of February
The state of New Jersey was instrumental in getting PASPA removed back in 2018. Almost immediately afterward, the state’s various sportsbooks began launching. The revenue began flowing in and more major companies expressed interest in breaking into the state’s market.
Lately, this industry has been seeing huge surges in sports betting revenue. New Jersey set many new handle records throughout 2020. This trend is expected to continue throughout much of 2021.
Reports on NJ’s sports betting revenue for the month of February are now out. Interestingly, the state saw a drop in its gaming revenue when compared to January. Overall, the sportsbooks here saw just $743 million in sports wagers placed last month.
That represents more than $200 million less than what was seen in January. On the other hand, these numbers represent a $200 million increase from February of 2020. Casino revenue in Atlantic City still remains far lower than what was seen last year. James Plousis, chair of the state Casino Control Commission, spoke about these revenue figures to the media this week.
“Casino win could not compare to the pre-pandemic results of last year, before restrictions on capacity, amenities, and entertainment were implemented,” he said. “Governor Murphy’s order that increases indoor casino occupancy to 50% later this week will help speed the casinos’ recovery. Atlantic City has been successful minimizing risk to visitors during the pandemic, and it is ready to move forward safely.”
New Jersey didn’t bring in quite as much sports betting revenue in February as it expected. Many analysts predicted last month would be the biggest in the history of the state’s gambling industry. We’ll be sure to offer more updates on the revenue figures here for the rest of the month.
Looking at the Casino Revenue Figures in New Jersey
Sports betting has become a massive industry throughout the country. New Jersey is now home to the largest sports betting industry in the country. That could change as more states choose to legalize and regulate this form of gambling.
It seems as if New York will soon begin allowing online sportsbooks to operate in the state. At the moment, only land-based sportsbooks are able to operate here. There is now serious pressure on Governor Cuomo to approve an amendment to allow internet sports betting here.
The country’s land-based casino industry is still in recovery mode. It’s been more than a year since casinos across the country were forced to shut down for months. Since that time, casinos have been working hard to increase their visitor and revenue numbers.
In major casino hubs, this is taking some time. New Jersey’s casino industry managed to bring in just $148.2 million in revenue last month. That represents a massive 32.1% decrease when compared to February of 2020.
There is reason to be optimistic, though. Restrictions are being lifted throughout the state and casinos are able to increase their capacity limits. This is likely to bring a major increase in tourism and revenue as the year goes on.
Are you surprised to see where NJ’s sports betting revenue numbers are at? When do you expect casinos to recover here? Let us know in the comments section below.
A longtime sports and gambling enthusiast, Kevin looks to present up-to-date and reliable information for readers. If he’s not writing, he’s probably watching MMA or playing blackjack. …