Gambling Revenues Could Potentially Reach $1bn in 2021 in New Jersey According to Experts

In August, sportsbooks and online casinos witnessed a boom in revenues ahead of the NFL season, according to PlayNJ, a company responsible for keeping an eye on the gambling industry in the state.

In August, the Garden State’s gambling market experienced a 0.5% ($664.7 million) reduction from the previous year’s $668million. However, it gained a 14.9% increase compared to the $578.7 million it got in July. Bettors have staked $6.1million so far in 2021, a significant increase compared to 2020s $6 billion total.

The amount of revenue generated from internet gaming rose 44.8 percent year over year to $866.1 million. During the same period, sports wagering generated $475 million in gross revenue according to reports from New Jersey’s Office of The Attorney General.

Speaking on the issue, PlayUSA.com and PlayNJ.com analyst, Eric Ramsey commented that New Jersey’s casino sites have generated $100 million on average each month. He added that the state’s online gambling industry is on its way to groundbreaking heights, and August is only a prelude to what’s coming in the following months.

Baseball and football brought in the biggest returns for gambling sites despite canceled fixtures in the latter. Bettors staked a total of $248 million on completed baseball games and $27.4 million on football in August.

With college football and the NFL returning in September, PlayNJ believes New Jersey’s sportsbooks may surpass $1 billion in wagering as they saw $996.3 million from stakes in December 2020, the last full month of the previous season.

“Although NFL and college preseason games were few in August,” explained Valerie Cross, an analyst at PlayNJ.com, “we saw the huge role football plays in sports betting. Regardless of how September fares, we will almost certainly reach the $1 billion mark by the end of the year.”

Of the $664.7 million wagered in August, $612.9 million was wagered online, accounting for 92.2 percent of the statewide total. Online sportsbooks topped the industry in revenue in July with $29.5 million, and retail sportsbooks brought in $51.8 million, up from $49.3 million. Meadowlands/FanDuel/PointsBet/SuperBook earned $23.6 million, down from $29.5 million in July.

Casino sites and poker rooms made an average of $100 million consecutively for six months with combined revenue of $866.1 million. Based on PlayNJ’s statistics, the industry players might hit 2020’s $970.4 million in October, creating a new record of $1 billion.

Regarding the bettor’s choice for online gambling, Ramsey said, “This year’s income may wind up almost doubling what was earned in 2019 alone, and it’s amazing when you analyze it.”

We’ve witnessed a change in betting behavior that started last year. While the pandemic might have influenced this change, we’re sure to see it continue and even remain permanent in some areas. As new casino operators emerge in the market every month, it may affect the future of sports betting. However, online betting is gaining more ground and shows no signs of slowing down in the next few years.”