New Jersey sports betting revenue plummets in March amid pandemic
New Jersey’s casino and sports betting revenue fell to $163 million in March, down over 44% from a year ago, according to figures released Wednesday.
It was the largest monthly decline in the 42-year history of legalized gambling in Atlantic City, eclipsing the nearly 28% decline in November 2012 following Superstorm Sandy, where casinos were closed for nine days from late October through early November.
With most sports shut down, sports betting revenue fell by over 58%, to just over $13 million. The handle, or total amount wagered on sports before winning bets were paid, was nearly $182 million.
Online gambling soared in March as more gamblers took their business online, the only game in town. Atlantic City’s casinos won nearly $65 million online, an in crease of over 65% from March 2019.
David Schwartz, a gambling historian with the University of Nevada Las Vegas, said the deep declines were expected.
“While there will be some revenue coming in from online sources, the cessation of live casino gaming caused numbers to sharply plummet, and they will take some time to increase, even after the shutdowns end,” he said.