“A unique set of circumstances, most notably a once-a-century pandemic, sent online sports betting to these previously unfathomable highs,” said Dustin Gouker, lead analyst for PlayNJ.com.
“The pandemic has had a diametrically opposite effect on New Jersey’s online and retail markets for both sports betting and casino games. But the growth of online betting was crucial in making up for at least some of the losses in revenue at Atlantic City casinos and certainly continue to steady the entire gaming industry,” Gouker added.
New Jersey’s sportsbooks collected a record US$996.3m in December wagers, according to official data released this week. That surpassed the record US$931m bet in November, and marked the fifth straight month the state has set an all-jurisdiction record.
For all of 2020, New Jersey’s retail and online sportsbooks produced US$6.02bn in bets, US$5.5bn in online wagering, US$398.5m in operator revenue and US$65.1m in state and local taxes.
“Even when post-pandemic life returns to normal, online sports betting won’t likely give up its gains from this year,” said Eric Ramsey, analyst for PlayNJ.com.
Online betting generated 93.3% (US$929.3m), of the state’s total handle in December. FanDuel Sportsbook/PointsBet topped online operators with US$29m in gross revenue.
“It’s scary to think of where New Jersey’s gaming industry would be without online casino gaming. Every dollar of revenue gained and tax dollar generated from online gaming proved desperately needed,” Ramsey concluded.
Source: GMB / G3 Newswire
