May has become the first month of record that New Jersey could surpass Nevada’s monthly sports bets, according to PlayNJ.com analysts.
By collecting $318.9 million worth of bets in May, PlayNJ.com said New Jersey could make more in its monthly handle over the Silver State for the first time.
The state’s retail and online sportsbooks also generated $2.9 billion in bets and $200 million in revenue over the past 12 months since legal sports betting officially launched in June 2018.
“We knew that sports betting in New Jersey would be successful, but it is fair to say that so far it has exceeded our expectations,” Dustin Gouker, lead sports betting analyst for PlayNJ.com, said. “$3 billion in bets in 12 months is an impressive milestone by any measure, and in just a year, New Jersey is set up to become the nation’s largest legal sports betting market.”
New Jersey’s handle in May was up 1.7% when compared to April ($313.7 million), according to a new Division of Gaming Enforcement report released Wednesday. May’s handle generated about $15.5 million in revenue, down from $21.2 million in April. Online sports betting accounted for $263.6 million, or 82.6%, of May’s handle.
May figures for the state could top Nevada’s, PlayNJ.com said, which will not release its May data until later this month. Nevada generated a $315.5 million handle in May 2018.
“If this is indeed the month that New Jersey overtakes Nevada for the first time, it will be a momentous occasion for the Garden State,” Gouker said. “New Jersey sports bettors appear to have a stronger preference for basketball and baseball than Nevada, so it makes sense that May would be a likely month for it to happen. But clearly the state is on its way to becoming the largest legal sports jurisdiction in the country.”
