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Stoyan Todorov January 14, 2021 4 min read
New Jersey Posts $996M in Sports Betting Handle in December
New Jersey’s sports betting results for December 2020 have come close to $1 billion in total sports wagers, with January, February and March proving even more exciting months for the Garden State.
Sports Handle in New Jersey Just Shy of $1bn in December
New Jersey has posted another record-high month, with sports betting handle climbing and the Garden State coming close to surpassing $1 billion in total handle in December. While the year ended on a near-17% decline for sports betting revenue, results towards the last months of 2020 were picking up new records.
Throughout 2020, New Jersey accepted $6 billion worth of wagers, proving once again that the repeal of the PASPA in 2018 was the smart move to do, leading to millions of tax revenue for the United States.
Based on numbers released by the Division of Gaming Enforcement on Wednesday, New Jersey took a total of $996 million in wagers last month or just $4 million shy of the coveted $1-billion threshold.
Slot and table games revenue stood at $2.64 million throughout 2020 and combined with the sports betting results, the Garden State saw $2.88 billion in gaming and betting revenue last year. While still a decline of 16.9%, New Jersey showed resilience and posted steadfast results despite the lack of visitors, tourists and even professional sports to bet on.
Commenting on the most recent developments, New Jersey Casino Control Commission chair James Plousis argued that the Garden State lost significant revenue opportunities in the early months of the pandemic when authorities were still struggling with establishing viable measures, and choosing to blanket-ban everything instead.
A Difficult Year, But Flexible Solutions
Yet, it has all paid off, said Plousis adding that “Atlantic City’s stakeholders have been working hard to build a strong foundation for recovery. As society begins to approach a return to normalcy, Atlantic City will be ready to restore its recent positive momentum.”
While all stakeholders suffered, the Golden Nugget bucked the trend and ended up posting higher results year-over-year. The casino won a total of $415 million, up 10% from a year before.
On the other end was Harrah’s, which saw a 48.8% drop in operational results, down to $166.3 million. Resorts was close by with a 43.8% decline, down to $100.2 million, followed by Caesars with 43.8% slump, down to $152.3 million.
Tropicana and Borgata posted declines worth 33.8% to $231.5 million and 27.6% to $577.3 million respectively. Despite the challenges New Jersey had to deal with, the sector has shown resilience with casinos finding new ways to adapt and move forward.
Commenting on Ocean’s own operations, company chief executive Terry Glebocki said that she was happy with the growth the company has been able to achieve considering. New Jersey’s recover began in mid-July when sporting contests were allowed to return.
Exciting Months ahead and Challenge from New York
The Garden State posted continuously improving results. Despite the fears that college sports may take a back seat until late 2021, most NCAA competitions have returned back to normal notwithstanding delayed or cancelled games.
The NFL playoffs are also taking place and the Super Bowl is going to take place in all likelihood, stimulating an even bigger flurry of betting activity in January.
The state is tipped to surpass the $1 billion mark in total sports betting handle for sure, but it would be even more interesting to watch the February results that are an intersection between March Madness future betting and Super Bowl last-minute wagers.
New Jersey is facing some challenges, this is true. The state may soon have to share its juicy sports betting plunder with New York State, which announced that it would consider legalizing mobile sports betting, putting a stop to the arduous trek many New Yorkers have been taking to the Garden State to place a flutter.
Sports betting in December in New York took a small tumble, too, ending the year on a down note. As 888 Holdings, SVP Head of US Yaniv Sherman said in a Q&A with GamblingNews, nothing is certain in New York, but it seems that Gov. Andrew Cuomo has withdrawn his principle objection against mobile sports betting.
While New York debates whether to back online sports betting, New Jersey is bound to continue grabbing an ever-increasing share in sports handle.