New Jersey Sees Another Increase in Sports Betting Handle

The New Jersey sports betting numbers are in for the month of May, and it was a great month for the industry. The total sports betting handle was $814.2 million, the fifth-highest total ever recorded in the state.

This was a jump of nearly nine percent after the state reported $748 million in April. These numbers are still well short of the record set in December 2020, but it appears that the state is back on the right track.

The May 2021 total was actually a jump of nearly 600% from the 2020 numbers, but that was when most live sporting events were still shut down. Only a handful of states have reported their May figures, but New Jersey should stay on top of the US industry.

This is the third time in five months that New Jersey has gone over $800 million in handle, and no other state has accomplished that feat even once.

May is not typically a big month for the sports betting industry, but local teams participating in their respective playoffs helped bring in more action. The New York Islanders and the Brooklyn Nets are still alive in the NHL and NBA, respectively.

Revenue Sees Slight Dip

Despite the increase in the total betting handle, the total revenue for sportsbooks actually fell in the month of May. The total revenue still came in at $52.9 million, but that was 3.5% less than the $54.8 million in April.

Revenue can fluctuate from month to month depending on profitable the bettors are in their wagers. Sportsbooks tend to focus more on the total handle numbers, while the state wants revenue to collect more tax dollars.

Mobile Betting Leads the Way

New Jersey has become the biggest sports betting market in the United States by creating a terrific and competitive mobile industry. Other states look to New Jersey as the model, and the state continues to see new online sportsbooks launch.

Mobile betting made up 90.2% of the total handle for the month, which amounted to $734.6 million. That was an increase of just eight percent from April, but New Jersey is starting to see some retail betting pick back up.

New Jersey also offers online casino gambling, and that industry is thriving as well. The total iGaming win for the month was $108.1 million, a jump of more than 25% from May 2020.

Changes Coming?

Even though New Jersey is the gold standard for sports betting, lawmakers are still looking to make some improvements to the rules and regulations. Currently, betting on in-state college teams is banned, but that could change by the end of this year.

Senate Concurrent Resolution No. 133 was unanimously approved by the Appropriations Committee. A similar bill, ACR200, will also be presented to the Appropriations Committee, and it could be passed as well.

Those issues would then head to the ballot in November, letting residents of the state vote on the issue.

  

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