Reports Show Record Year for NJ Sports Betting

Reports Show Record Year for NJ Sports Betting

Last updated on January 17th, 2021 at 01:04 am

According to recent reports, the NJ sports betting industry achieved a record year in 2020. The state took around $1 billion in sports wagers in December. However, overall gambling revenue went down by 17 percent.

In 2020, players placed more than $6 billion wagers in the state. New Jersey’s three horse tracks and nine casinos accepted more than $996 million bets in December alone. It was the most recent in the state’s string of monthly records.

Table games and slot revenue for casinos was $2.64 billion last year. It included online betting. When sports betting is included, the New Jersey gambling revenue is more than $2.88 billion for 2020.

NJ Sports Betting Record

According to sports betting solution reports, 2020 gambling revenue for New Jersey was a 16.9 percent decline. Keep in mind that casinos were closed for three and a half months. When casinos reopened in July, they limited their capacity to 25 percent. The limits remain until today.

Casinos lost business in the early months until the second half of the year. Stakeholders tried their best to build a foundation for recovery after the pandemic. Only one casino made more money in 2020 than in 2019. The Golden Nugget earned $415 million that increased ten percent.

Among the casinos, Harrah’s had the most significant decline in 2020. It earned $166 million, which was a decrease of 46.8 percent. Resorts was close with a drop of 43.8 percent to $100 million. Caesars also dropped by 43.8 percent to $152.3 million.

New Jersey is still a lucrative market for people who dream of becoming a bookie. Insiders are expecting sports betting on continuing its upward trend in January 2021. They expect it to reach $1 billion due to the build-up towards Super Bowl. You still have enough time to become a bookie before the big event.

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