In a surprising turn of events, New Jersey’s sports betting revenue took a dip in the month of May, despite the state being one of the top performers in the industry. According to reports released by the Division of Gaming Enforcement, the Garden State raked in a total of $318.9 million in sports betting wagers for the month, a decrease of 0.5% from the previous month.
This unexpected decline comes as a shock to many industry experts who have consistently praised New Jersey for its thriving sports betting market. The state has been a major player in the industry since the Supreme Court overturned the Professional and Amateur Sports Protection Act in 2018, allowing states to legalize sports betting.
Despite the decrease in overall revenue, New Jersey’s online sports betting market continued to flourish in May. Online sportsbooks accounted for $273.2 million, or 85.7% of the total wagers placed in the state. This marks a 1.8% increase from the previous month, proving that the online market is still a major driver of growth in the industry.
However, the dip in revenue can be attributed to the decline in retail sports betting revenue, which saw a 13.3% decrease from the previous month. Retail sportsbooks brought in $45.7 million in wagers for May, down from $52.7 million in April. This decline can be attributed to a variety of factors, including the reopening of casinos and sportsbooks in neighboring states, as well as the easing of COVID-19 restrictions.
Despite the setback, many industry experts remain optimistic about the future of sports betting in New Jersey. The state has consistently set the bar for other states looking to enter the industry, and its online market continues to drive growth and revenue. With major sporting events like the NBA playoffs and the upcoming NFL season on the horizon, many anticipate that New Jersey’s sports betting revenue will rebound in the coming months.
Overall, while the dip in revenue may come as a surprise to many, it serves as a reminder that the sports betting industry is constantly evolving and subject to fluctuations. New Jersey remains a key player in the market, and its continued success will likely depend on its ability to adapt to changing market conditions and consumer preferences.