New Jersey Posts $814M Sports Betting Handle
The sports betting handle for New Jersey in May was up nearly 9% to $814M.
May was a productive month for New Jersey sports betting following a slightly disappointing April. The final figures recorded in May are the fifth-highest handle ever in the Garden State. According to numbers released by the state on Wednesday, sportsbooks in New Jersey produced $814.27 million in total sports handle, an increase of 8.9% from April’s $748 million. Additionally, the figures in May were up 591% from May 2020 ($117.82 million), making this the third biggest month in the state this year.
The biggest month so far this year was $958.72 million in January, followed by $859.618 million in March. The all-time monthly record in the United States was set by New Jersey in December, as the state recorded a total handle of $996.3 million.
According to the state report, the overall sports betting revenue in May came in at $52.89 million. This was a 3.5% decrease from April’s $54.83 million but an increase of 433.6% from May 2020 ($9.91 million).
As we are in the middle of the basketball playoffs with local teams, the Brooklyn Nets and New York Knicks, in action, this will provide a significant boost to the industry. Additionally, the New York Islanders (NHL) are also involved in playoff action, meaning all three professional sports teams are still competing.
Key Stats from NJ Handle
Mobile sports betting unsurprisingly contributed the most to the market, with a mobile handle of $734.65 million, an increase of 7.9% from $681.2 million in April. This was a year-on-year increase of 523.5% from May 2020 ($117.8 million). Mobile made up 90.2% of the total handle.
Total gaming revenue for the Garden State was $374.2 million, up 6.2% from April’s $352.2 million. The year-on-year increase was an impressive 290.4% from May 2020 ($95.8 million).
New Jersey iGaming saw a small jump of $108.1 million, a 0.4% increase from April’s $107.7 million and up 25.9% from May 2020 ($85.9 million).
In-State College Betting Could be Legalized
Currently, wagering on college sporting events held in New Jersey or games involving and collegiate teams from the state is illegal.
The New Jersey Assembly Appropriations Committee has voted by a margin of 11-0 in favor of Senate Concurrent Resolution (SCR) to legalize betting on in-state college teams. This proposal will now go to the November ballot for voters to determine if betting on local teams should be allowed.
Want to stay up to date on the latest legal sports betting news across the US? Then come and follow us over on Twitter @Gamble_usa.
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