New Jersey May sports betting handle hits $814m
New Jersey sportsbooks recorded $814m in May handle, up 8.9% from April.
Online bets made up approximately 90%, or $737m, of the monthly handle, while retail sportsbooks generated another $79.6m.
May revenue was $52.9m, which yielded the Garden State $7.9m in taxes. Revenue was down slightly from April, when sportsbooks won $54.8m.
Basketball accounted for $217m of the month’s wagers, compared to $176m in April.
New Jersey sportsbooks benefited from NBA playoff runs by New York Knicks, Brooklyn Nets and Philadelphia 76ers. The Nets and 76ers both advanced to the Eastern Conference Semifinals and could potentially in the Eastern Conference Finals next week.
Meadowlands/FanDuel/PointsBet led the online market with gross revenue of $29.8m, while Meadowlands’ retail FanDuel sportsbook led brick and mortar with $4.8m in win.
New Jersey, which launched sports betting exactly three years ago, has surpassed the $16bn in handle through May, with gross revenue of $1.1bn and $159m in taxes.
The market shows no signs of slowing down, either. On Wednesday a state Assembly panel approved a bill that would put an amendment on the table this fall asking voters to amend the state Constitution to authorize college sports wagering on in-state schools and collegiate tournaments taking place in New Jersey.
If approved, the bill would allow wagers on major college athletic programs like Rutgers and Seton Hall, which have both recently played in the NCAA Tournament.
Online casinos and poker, meanwhile, had another strong month with revenue of $108m, up less than half a percent from April. Borgata led the online market with $32.8m in win, beating out runner-up Golden Nugget with $31.1m.
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