New Jersey Sports Betting Still Growing
The launch of online sports betting in New York was supposed to cripple the New Jersey sports betting industry, but that hasn’t happened up to this point. New Jersey continues to be the second-largest sports betting market in the United States, and the online sports betting market continues to post really good numbers.
The total sports betting handle for the month of April in New Jersey was $926.9 million, which was an increase of nearly 24% year-over-year. Sports betting handle actually fell from March, but that was expected as the NCAA Tournament was winding down.
New York easily surpassed New Jersey during the month of April as that state had a handle of nearly $1.4 billion. New Jersey has been losing some business to New York, but there are enough sports bettors that are betting in both states.
One area that was disappointing for New Jersey in the month of April was that the sports betting revenue was just $50.3 million. The hold percentage was just slightly over five percent last month, after it was up over seven percent in April 2021.
The one advantage that the state of New Jersey does have over New York is that online casino gambling is also available. These online casinos and poker rooms posted a monthly revenue of $136.9 million in April, and that was the third-highest monthly total in state history.
Basketball Carrying the Betting
It should come as no surprise that basketball was the most popular sport to wager on in the month of April. This included the final three games of the NCAA Tournament, and the rest was made up of NBA action.
The total handle on basketball was over $323 million, but sportsbooks had a hold percentage of just 2.6% on these games. Football saw just $8.4 million wagered in the month of April, but bettors won just $1.5 million on that action.
Baseball was also a popular betting opportunity in New Jersey last month as there was over $177.9 million wagered. This sport doesn’t usually attract much action, but it will over the Summer as the betting options are slim.
Meadowlands Leading the Way
The Meadowlands Casino has three online sports betting partners, and this continues to be the casino that sees the most action in the state. It helps that the Meadowlands has partnered with FanDuel, PointsBet, and the SuperBook as these are three of the most popular sportsbooks in the U.S.
The total revenue brought in by these three operators in April was $33.3 million, which was more than 66.2% of the total. Resorts Digital was next on the list with a total revenue of $7.4 million, and that casino has DraftKings and FOX Bet along with its own online sportsbook.