New Jersey Sports Betting Reports Massive Losses In April

New Jersey sports betting revenues were way down in April 2020 as compared to the same period in 2019. However, New Jersey gaming officials were expecting the numbers to be down due to a lack of sports events to bet on.

That was the bad news; the good news is that online gaming and poker made gigantic strides during the coronavirus. As several states ease restrictions and slowly start to reopen, several sports leagues have released their start dates for upcoming events.

The New Jersey Casino Control Board announced its April numbers for sports betting on Thursday. The Garden State suffered a loss of 68% from the same period in April of 2019.

The total revenue for gaming in the state in April was $82.6 million, compared to $265.4 million in April of 2019, which is a record loss for the state’s gaming industry. Of course, the losses were to be expected and came as a surprise to no one.

The most losses suffered were in in-person wagers, which, of course, occurred due to the pandemic. Every casino and racetrack was ordered to be closed down by Governor Phil Murphy.

April Losses Were Expected By Casino Control Board Officials

Closures were implemented in mid-March 2020 in an attempt to slow the spread of the deadly coronavirus. Sports betting was also down substantially from the same period last year.

Although New Jersey does have online sports betting, there were just not enough sports to bet on now. In April, New Jersey brought in a total of $2.6 million in sports betting revenue.

Last year, sports betting in New Jersey brought in $21.2 million in April. Miraculously, New Jersey has managed to bring in a bit more money in 2020 overall for gaming and sports betting.

The total for 2020 thus far is $86.4 million, while at this time last year, it was $84.4 million. Gaming experts that have weighed in on the pandemic and how it’s impacted sports betting came to some interesting conclusions.

The experts say the April numbers for New Jersey show how fast sports betting was exploding in New Jersey and elsewhere in the country. The experts say if the shutdown did not happen, the numbers would have been historic.

This is just a very temporary setback, so when it’s back, it will continue to grow and prosper.

Online Has Seen Huge Growth Through The Pandemic

New Jersey has seen some explosive growth when it comes to online gaming, sports betting on iGaming, and online games like poker. Online casino games and online poker has brought in an impressive $74.8 million in just April.

Gaming consultants that worked with the New Jersey Gaming Commission relayed that the state would see an increase in online gaming, due mostly to people being at home. However, the final numbers for April far surpassed what the experts had predicted.

The increase in online gaming revenue from April 2019 to April 2020 has seen a growth of 114.3%. Online gaming, including casino games and poker, brought in only $34.9 million in April of 2019.

Due to the growth that New Jersey has seen with online gaming, they plan on dedicating some staff to adding games and keeping fans and players engaged and entertained going forward. Bill Mondel, a professional gaming consultant that worked with the New Jersey gaming commission, said:

“If there is anything good to have come out of the pandemic, it created this other arm of gaming, and it will have a steady fan base that will always play long after things get back to normal.”