Sports Betting And iGaming Bring Big October Revenue in New Jersey
Many industries have been hit hard over the last several months by the pandemic. That includes the gambling industry, which has been affected by an economic downturn and restrictions that have been put in place in many states to try to control the spread.
While land-based operations are still feeling the effects of not having maximum in-person activity, online gambling and sports betting are currently going strong. In New Jersey, October was a strong month due to in large part to online action.
New Jersey Nets Record Revenues
New Jersey is the place to be for legal online gambling and sports betting, and the numbers in October reflect that.
Last month, the state recorded an overall gambling revenue of $338.1 million, according to the New Jersey Division of Gaming Enforcement. That is almost $15 million higher than the revenue posted in September and over $44 million more than the total recorded in October 2019.
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Sports Betting Revenues Continue to Rise
A monster month for sports betting was one of the chief reasons for the record results. New Jersey sports betting revenue for October was $58.5 million, a rise of over $13 million from September. That number tops the previous revenue record of $53.6 million, which was set in January 2020.
With the MLB playoffs taking place, the Lakers and Heat facing off in the NBA Finals, and a bevy of NFL and college football to bet on each week, it’s no surprise that there was a record amount of legal sports betting action. A total of $803.1 million was wagered last month, well surpassing the record that was just set in September. In fact, the amount of money wagered online alone, $743.9 million, came close to September’s overall tally of $748.6 million.
iGaming Rakes In Record Numbers
October was also a milestone month for iGaming. The total revenue in that sector was $93.5 million, almost $6 million more than in September. The overwhelming majority of that revenue came from online slots and table games. The $90.9 million in revenue from slots and table games was enough to top strong overall returns in the last few months, with New Jersey’s total iGaming revenues having held steady in July ($87.5m), August ($87.8m), and September ($87.6m).
Land-Based Activity Still Struggling
The success of online gambling is helping to limit the impact of the continued issues facing land-based operations. With New Jersey still dealing with a 25% capacity limit, land-based casino revenue is declining. In September, revenue was $190.6 million. Last month, that number dropped to $186.1 million.
The revenue brought in from online action is a big help for New Jersey casinos. But that can only make up so much for all of the additional non-gambling revenue that comes from in-person traffic. With the pandemic not showing any signs of slowing down for the foreseeable future, this trend is set to continue into 2021.
How Could November’s Numbers Look?
In a normal year, regular-season games in the NBA and NHL would be taking place. But with both sports now in off-season mode due to last season’s delayed finishes, NFL and college football action is the primary sport being wagered at present.
That being said, the figures stand to be strong when November’s numbers are released, as the presidential election received heavy action domestically and internationally. How long it takes for the results to be confirmed could have an impact, however. Many sportsbooks are holding off on paying out on election wagers due to the delays brought about by President Donald Trump’s continued refusal to concede defeat to President-elect Joe Biden.