New Jersey Sportsbooks Fall $370M Short of Hopes as Online Casino Helps Steady the Market
The New Jersey’s sportsbooks online have continued to fall short as they took in a third of the expected handle in March. Elsewhere online casinos and other poker rooms continue to bloom as New Jersey sportsbooks lost out on the $370 million in bets whilst online gambling revenues smashed the previous record with an astounding $64.8 million in revenues.
From the looks of thing, the lockdown that has taken place all over the world due to coronavirus is affecting New Jersey sportsbooks.
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New Jersey’s online casinos went on and break their previous record when they manage to generate $64.8 million in March, breaking a massive record of $551.1 million that was set in January, and increase 66% from $39.1 million in March 2019.
The game of real money Poker went on produced $3.6 million in revenue, overcoming the previous record of $55.1 million that was in January and increasing 66% from 39.1 million in March 2019.
“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,” said Dustin Gouker analyst for PlayNJ.com.
He went on to say that, New Jersey that online casinos are the real deal now and they are a massive boost to the industry right now.
“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.”
However, sportsbooks in New Jersey went on and collected just $181.9 million in wagers from the report that was released on Wednesday.
This is a massive drop of 51% from the previous $372.5 million that was recorded in March 2019, and there is a huge decrease of 63% from 494.8 million in February 2020.
The March’s record was the smallest since New Jersey sportsbooks managed to secure $95.6 million in August 2018.
The month of March produced $13.2 million in the gross revenue which plummets 58% from $317 million in the country’s state.
According to the PlayNJ.com the NCAA Tournament alone would have generated more than $150 million in bets.
“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,” said Eric Ramsey, an analyst for PlayNJ.com. “Until sports are able to get going again, New Jersey’s online and retail sportsbooks will continue to be uncomfortably quiet.”
Above all, the online casino has always and will always be the best gambling platform for real money online casino players. During the period of the coronavirus pandemic there is clear indication why online casinos are very essential especially when it comes to playing at your own convenience and win real money at the same time.
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