Despite a slight dip in sports betting revenue, New Jersey’s overall gambling revenue saw an increase in the month of May. The state’s Division of Gaming Enforcement reported that the total gambling revenue for the month was $276.8 million, up from $265.4 million in April.
The increase in revenue was largely attributed to a strong performance from the state’s casino sector, which saw a 13.9% increase in revenue compared to the same period last year. The nine Atlantic City casinos collectively brought in $213.1 million in May, up from $187.1 million in May 2020.
One of the main drivers of this growth was the return of in-person gambling following the loosening of COVID-19 restrictions. Casino operators were able to return to full capacity in May, leading to increased foot traffic and higher revenue numbers.
Despite the overall growth in gambling revenue, the sports betting sector did see a slight decline in May. This was largely due to a lower than expected handle on sports bets, which came in at $814.3 million, down from $859.6 million in April.
However, this dip was offset by a higher hold percentage for sportsbooks, which saw a significant increase from 4.4% in April to 6.1% in May. This helped to mitigate the impact of the lower handle on overall sports betting revenue, which came in at $52.5 million for the month.
The state’s online gambling sector also continued to perform strongly in May, with online casino and poker revenue reaching $107.4 million, up from $85.9 million in May 2020. This growth can be attributed to the ongoing trend of players preferring to gamble online, especially in the wake of the pandemic.
Overall, May’s gambling revenue figures are a positive sign for the state’s gaming industry as it continues to recover from the challenges posed by the COVID-19 pandemic. With the return of in-person gambling and the growth of online gaming, New Jersey’s gambling sector looks set to continue its upward trajectory in the coming months.