Sports Betting Revenue Rises in June for New Jersey

Money Cabets

New Jersey is always among the first wave of states that report on sports betting and total gambling numbers each month. On Friday, the state released the numbers for the month of June, and it was another profitable month for the state.

The total sports betting revenue in June was $71.3 million, and that was an increase of close to 35% from May. The May total was $52.9 million, which is still one of the best marks in the entire United States.

Sportsbooks in New Jersey had a hold of 9.3% in June, which was a big jump from the 6.5% hold rate in May. These are the numbers that are the most important to the state of New Jersey, even though the handle did go in the wrong direction last month.

The total sports betting handle for June was just $766.9 million, which was a drop of nearly six percent. That number will still put New Jersey as the biggest sports betting market in the United States, and there isn’t a state close to challenging it.

Even though the total handle fell last month, the retail sports betting handle actually increased by more than $4 million in June. As COVID-19 restrictions continue to be lifted, this total will continue to climb over the next few months.

Online Still Most Popular

Despite the rise in retail sports betting, most bettors in the state of New Jersey still prefer betting online. New Jersey routinely sees more than 90 percent of total wagers placed online, and few states can match the competitive online market that has been created in that state.

The online sports betting handle fell by seven percent in June, but that has more to do with the lack of available betting markets than anything else. Other states are expected to see a drop in this form of betting as well, but only a handful of other states have announced June numbers.

September Could Shatter December Record

In December 2020, New Jersey set an all-time US sports betting record by posting a total sports betting handle of $996.3 million. There was hope that New Jersey would be able to go over the $1 billion mark at some point, and that could happen sometime this Fall.

The National Football League is king when it comes to sports betting in the United States, and that is thenfl100 case in New Jersey as well. If retail sports betting continues to produce some numbers, then the record will indeed fall later this year.

Total Gaming Revenue Also Up

Sports betting isn’t the only profitable industry in New Jersey, as this state has built up a terrific gaming industry. The total gaming revenue was $392.84 million, which was an increase of five percent from May.

The state has now brought in more than $2.1 billion in total gaming revenue in 2021, and that number is more than 100 percent larger than it was a year ago. New Jersey sports betting continues to get all of the attention, but there are other industries doing just as well.