The month of April proves that elites in Florida are not immune from the April sports betting slump. Since the Super Bowl is quite distant and the March madness is in the books, New Jersey is taking broader national steps for the industry. Although not a sharp decline was seen in other US legal sports betting jurisdictions, New Jersey has seen a slide, hitting double-digit for over month-long drop. Moreover, since the summer is on its way, there is an assumption that the number will fall further before The Garden State.
New Jersey Sportsbook raked in $748 million through betting in April. Although this number is quite good, it represents a 13% decrease from the previous $859.6 million in March.
April’s handle was far from $996.3 million during the December haul. However, it was a 1270% year-over-year spike compared to the previous year, April, during which the Covid-19 lockdown restriction was in the grip.
Revenues, however, didn’t drop much and avoided the double-digit decline. For instance, in April, the New Jersey sportsbook made $54.8 million April, a drop of 9.7% from the previous $60.8 million. Similarly, $8.1 million in taxes were collected.
April showed how successful the betting platform was. For example, a 91.1% rise in income in April came from mobile apps.
Despite being the primary game in March Madness, Basketball still dominated the month handle and is expected to do so in May at Brooklyn Nets. One of the reasons why New Jersey’s grip is still firm is that Hoops have the best takes.
New Jersey has never relied on football compared to the legal jurisdictions. Moreover, the NBA is always popular in terms of betting sports. According to the experts, New Jersey’s lifetime betting sports for April’s tally reached $15.2 billion. Similarly, the lifetime tax contribution of the state has reached a staggering number of $151.4 million.
Near Future Betting Market
The New Jersey sports-legal betting is set to remain strong. Moreover, post-summer slowdown, there will be quick pickup. New Jersey’s sports betting has an eye on New York, set to launch its platform for mobile betting. However, it threatens to eliminate the market size of 18-25% of the Garden State market.
There will hiccup in the coming months, but overall, New Jersey will have a successful legal betting sports market.