New Jersey’s online casinos posted a $275 million handle in June — almost a near-record — while the state’s online and retail sportsbooks fared well during a typical slow month, according to PlayNJ.com.
The summer months, PlayNJ.com analysts said, are historically the slowest on the sports betting calendar.
“To approach $275 million during a month where the only major sports betting event is the NBA Finals says something about the trajectory of New Jersey’s market,” Dustin Gouker, lead sports betting analyst for PlayNJ.com, said. “Basketball clearly drives interest, but it also shows that interest in sports betting in general continues to expand.”
Online sports bets generated 83% of June’s handle ($226.7 million), up from 82.6% in May. The state’s online casino and poker industry generated $38.1 million of revenue in June, up 68% from $22.7 million in June 2018 and down from $38.3 million in May.
The state’s sportsbooks took in $273.2 million in bets in June, down 14% from $318.9 million in May, according to a report from the Office of the Attorney General on Friday. The handle made $9.7 million in revenue, down 37% from $15.5 million in May. When comparing year-over-year, the month’s handle was up from $15.3 million in June 2018 and revenue tripled from $3.5 million.
Since launch day, New Jersey sportsbooks have generated a handle of $3.2 billion and a win of $203.8 million. This is the second month in a row that New Jersey’s handle could take over Nevada’s, PlayNJ.com said.
“The rate of growth will eventually level out, but I do not believe that time is at hand,” Gouker said. “The fact that New Jersey is now on par with Nevada, a market that has matured over generations, is remarkable. Competition from the launch of Pennsylvania’s sports betting apps could slow momentum, though.”