The New Jersey sports betting industry has continued to expand since the launch of mobile sportsbooks in New York earlier this year. The handle, or amount of money wagered on sports, has remained strong in the Garden State.
According to the New Jersey Division of Gaming Enforcement: The total revenue from internet gambling in April was $926.9 million, up 23.9% from last year. However, this number fell 17.3% month-over-month because sports betting is now legal in only a few US states and territories.
Sports betting income was $50.3 million: A decrease of 8.2% from the previous year. However, this is because last year’s earnings were greater. Last year, books held 7.3% compared to 5.4 percent this year.
The New York Sports Betting Market is Still Hot
The entrance of New York has not had the impact on the New Jersey sports betting industry that some had predicted. The handle has remained strong, and the industry continues to grow. Even though mobile online sportsbooks in New York took $1.39 billion in bets last month, New Jersey has achieved considerable success.
However, tax revenues are one thing that will never be fair to comparing the two states: While New Jersey recorded $6.4 million in taxes for the month on a blended rate of 13% for internet and 8.5% for retail, New York’s eight sportsbooks paid $53.1 million with the state’s 51 percent tax rate.
Parlays Saved NJ Sports Betting Revenue in April
Parlays were the key to keeping sports betting revenue high in New Jersey in April: Over $100 million was bet on parlays, more than double the amount bet on them in March. It helped offset the revenue decline from other bets, such as moneyline and point spread wagers. Sportsbooks earned $35.2 million in revenue on $197.3 million in completed parlay handles in April, thanks to 17.9% of parlays. The next highest hold was 2.9 percent in the other and baseball categories, followed by 1.8%.
Books Beat on Basketball
Basketball was once again the month’s biggest draw, with the conclusion of March Madness betting and the start of the NBA Playoffs falling in April.
With a 2.6 percent market share, Betfair has lost more than $1 billion on its NFL futures bets. While the company is gaining ground on DraftKings and FanDuel in terms of total revenue generated per event ($8 million vs. $189 million), it trails both rivals in terms of percentage performance (2.9% versus 4%).
