Land-based sports betting has been legal in the state of New Jersey since 2018 and registered its highest monthly betting revenue in January 2021. However, according to data presented by Safe Betting Sites US, New Jersey’s (NJ) betting revenue dropped by over 44% MoM in February 2021 to just $46.21M compared to January’s record high of $82.64M.
The gambling industry in the US took a big hit when the pandemic forced people to stay indoors. In April 2020, NJ’s monthly sports betting revenue dropped to its lowest level since legalization at just $2.63M. Towards the latter part of 2020, the sports betting industry in the US began to rebound and in Dec 2020 registered revenues of $66.39M.
In January 2021 the industry opened the new year with its highest monthly revenue since legalization – $82.64M. This proved to be the peak of the industry’s momentum as revenue numbers dropped by over 44% MoM in February 2021 to just $46.21M.
NJ’s sports betting handle also dropped significantly after registering its highest sports betting handle of just under $1B in Dec 2020. In February 2021, NJ’s sports betting handle experienced a 22.5% MoM decrease from January and an over 25% decrease from December 2020’s record high.
Tax revenue from the sports betting industry was also hit hard by the pandemic. In April 2020, NJ’s sports betting industry only registered $360K in tax revenue. By January 2021, tax revenue had rebounded to 10.36M but dropped again to just $5.8M in February 2021 for a 44% MoM decrease. February 2021’s tax revenue is also an almost 66% YoY decrease from 2020.
Rex Pascual, Sports editor at Safe Betting Sites US, commented, “Sports betting in the US is still in its infancy with many states yet to legalize. In New Jersey’s case, sports betting has been legal since 2018, and its fluctuating monthly revenue numbers are evidence of the tumultuous ride the entire industry faces in its early years. Expect the bumpy ride to persist as the industry continues to struggle to legitimize itself in the US.”
You can read more about the story with more statistics and information at: https://www.safebettingsites.com/us/2021/05/04/new-jerseys-sports-betting-revenue-dropped-by-44-from-jan-feb-2021/
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