Online Gambling Totals Rise in New Jersey as Sports Bets Decline
May 14, 2020The COVID-19 pandemic has affected many industries in different ways. A look at the most recent revenue reports from New Jersey would seem to indicate that the health crisis has been good for online casino gambling. It has also dealt a sharp blow to online sports betting.
With no place to enjoy live casino gaming, New Jersey residents are exploring the online casino options that are available. In the month of April the state collected $80 million in revenue from online casinos. This shattered previous records for monthly revenue. The pandemic forced closure of Atlantic City casinos throughout April. All bettors could do was use their computer to play the casino games online.
The previous record for gambling revenue in a single month was about $65 million. That happened in March 2020 just as the COVID-19 pandemic was beginning to take hold.
While things are rosy for online casino gambling, online sports betting in the state looks bleak. Sports betting handle declined more than 80% when compared to April 2019. The obvious reason for the sharp decline is that live sporting events have virtually become non-existent. Only a handful of sports are being conducted, and some of those more rightfully fall under the umbrella of sports entertainment.
Online sportsbooks are hopeful that this is temporary. In May 2020 many states began to ease restrictions. The NFL has also published its schedule for 2020, and the game's commissioner has stated that the league has every intention of playing games in the fall. Other sports like the NBA which have a fall start are also considering play, and NASCAR has resumed racing without live audiences.
Some online casino operators in New Jersey are hopeful that this time of crisis has introduced more people to online casino gambling. More players in New Jersey now know that options exist, and there are some advantages to gambling online. A big plus is convenience. Players can enjoy the same games on a computer or mobile device without having to leave the comfort of home.
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