Sports Betting is Down in New Jersey for the Month of March
The cancellation or postponements of sporting events all over the world is now a coming theme amongst sports bettors. The coronavirus crisis is destroying the sports wagering industry and the numbers are starting to come in. Therefore, it is no surprise that Sports Betting is Down in New Jersey for the Month of March.
According to a report by the New Jersey Division of Gaming Enforcement, they show a 58.4% year-on-year decline for March. This is because the sports betting revenue for March 2020 were $13.2 million while last year it was $31.7 million. In addition, this is 22.4% lower than last February when they made $17 million in revenues.
However, New Jersey did post that their internet gambling revenue went up for the month of March. According to the NJ DGE, the online gambling revenue was $64.8 million in March of 2020. This is a 65.6% increase in revenue over the previous month with $29.1 million in revenue.
Breaking Down Gambling Revenue for the Month of March
According to several Pay Per Head websites, most of the revenue from sportsbook in March came from Meadowlands in NJ. Meadowlands which hosts FanDual and PointsBet took $5.9 million in sports betting revenue. However, this is a sharp drop for them as they took in $17.6 million in revenue during March of 2019.
In addition, sports betting revenues for Resorts Digital made $5.1 million in revenue. Unfortunately, this is 30.1% lower than the previous year. Resorts Digital is the host for both the DraftKings and Fox Bet sportsbooks.
Even though Sports Betting is Down in New Jersey, online gambling is helping the overall gambling revenue in the state. Unlike Mississippi which saw a sharp decline in sports betting in March, New Jersey was able to compensate their revenue thanks to online gambling. Thus, these results are showing the necessity and the advantage of using an Online Sports Betting Software by sportsbooks.