US – Sports betting in New Jersey slows in June, but a $1 billion year now a reality

Sports betting

In June, New Jersey’s online and retail sportsbooks followed the national trend of declining betting volume. However, a 9.3% hold increased revenue at sportsbooks to more than $71 million, a remarkable result that mitigated the effects of any summer slowdown.

“Overall, New Jersey continues to outperform every other sport betting market in the United States,” said Dustin Gouker, an analyst for the PlayUSA.com Network, which includes PlayNJ.com. No market can overcome a lack of betting inventory completely. But New Jersey’s sportsbooks continue to find ways to capitalize on what the sports world has to offer.”

According to official data released Friday, online and retail sportsbooks took in $766.9 million in bets in June. This is a 5.8 percent decrease from $814.3 million in May, but an increase from $117.8 million in June 2020.

The action in June generated $71.3 million in gross gaming revenue, the most in operator revenue since sportsbooks posted a record $82.6 million in January. Operator revenue increased by 34.7 percent from $52.9 million in May to $12.6 million in June 2020.

In total, June’s wagering generated $10.5 million in state and local taxes.

 

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Nassima Azmzm

Nassima Azmzm

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