According to PlayNJ, part of the PlayUSA Network, online and retail sportsbook revenue was two-thirds lower than expected for the month of March, with an estimated three-hundred and seventy million dollars lost in sports wagers.
Online casinos and poker rooms experienced revenue rises of more than sixty million dollars.
Lead analyst for PlayNJ Dustin Gouker commented on the figures:
“Shutdowns from the coronavirus pandemic are affecting New Jersey’s gaming industry in ways that are unprecedented, and that will continue until the country begins to return to some semblance of normalcy.”
“New Jersey’s online casinos are a boon to the gaming industry, which employs thousands and generates millions in tax revenue for the state. But it’s not enough to fully bridge the gap from the revenue lost from sportsbooks and Atlantic City’s land-based casinos.”
According to official reports out of The Garden State, Sportsbooks collected just $181.9 million in bets, down 51% from the $372.5 million compared with the same period in the previous year and down more than sixty percent on February’s figures.
Eric Ramsey also of PlayNJ elaborated on factors that contributed to the figures:
“With the NCAA Tournament, NBA, and opening of the baseball season cancelled or postponed, the loss of March revenue will not be something that New Jersey sportsbooks can make up. Until sports are able to get going again, New Jersey’s online and retail sportsbooks will continue to be uncomfortably quiet.”
“With Atlantic City casinos closed and sports on hiatus, the importance of online gambling and poker to the state’s gaming industry has never been greater. Online casinos can’t sustain the industry forever, but those with the healthiest online products should be in the best position to emerge from these incredible circumstances. And the tax revenue from online casinos is welcome when so much pressure has been put on the state budget.”
About the PlayUSA.com Network:
The PlayUSA.com Network and its state-focused branches is a leading source for news, analysis, and research related to the market for regulated online gaming in the U.S.