Sports betting circles usually experience a seasonal decline starting from April that continues up to May. This is because sports betting in most countries is heavily dependent on football.
But in New Jersey, the situation is different. Along with football, the NBA is also very popular in NJ when it comes to betting. Moreover, this year, three significant teams of NJ have outstanding seasons. As a result of the combination of these factors, sports wagers in April 2021 were recorded at a massive $748 million. This value is a 13% decline from the figures in March ($859.6 million). But the statistics for April 2021 are much higher, up 1270.1% from the figures of April 2020 ($ 54.6 million).
2021 has been a challenging financial year globally due to the economic effects of the Coronavirus pandemic. But despite all obstacles, the sports betting market in New Jersey has hit some critical milestones in 2021. In April, it crossed $15 billion in total wages and $1 billion in revenue. These exceptional figures testify to the immense success of the sports betting market in New Jersey.
Eric Ramsey, a betting analyst at PlayNJ.com, claims that unless New York starts its sports betting industry, New Jersey will remain untouchable as the leader of the sports wagering market. Another trend that has been noticed in sports betting in NJ in April 2021 is a gradual shift back to in-person games and gambling. For April 2021, retail sportsbooks generated $66.8 million. This figure is higher than the values for March, showing an upward. But even in April, more than 90% of the total handle was still coming from online platforms.
NJ is doing well at the start of the seasonal slump. Still, analysts warn that even NJ is not entirely immune to seasonal variations, and there will be a decline in revenue in the coming months up till August.
