Connect with us

News

August Sports Betting Increase A Sign of Things to Come in New Jersey

Published

on

Sports betting in August raise a sign of the future in New Jersey

Isaih Pacheco # 1 of the Rutgers Scarlet Knights passes the ball to the referee. Rich Schultz / Getty Images / AFP

It is well known that the summer sports betting slump in the US market is coming to an end. Unforeseen, however, was the fact that August would see a healthy turnaround.

On Thursday, the New Jersey Division of Gaming Enforcement released August’s sports betting numbers. It showed a decent increase in overall betting activity despite not having NFL football during the regular season. It appears that the state’s gambling establishment can enjoy the preseason games as well as the anticipation of the pigskin activity.

However, revenue from Garden State Sportsbook didn’t follow the same pattern as August’s total revenue. Although sports betting activity was up month-on-month, it saw a slight decrease in profits over the past month.

Get in

It had apparently been a long time since we could talk about an increase in sports betting in New Jersey. The state’s betting volume increased by 14.9% in August. New Jersey sports bettors lost $664.7 million in August. This was 14.9% more than the $578.7 million that was recorded in July.

This is still encouraging but it is not as high as the $ 668million spent in August 2020. Also, it is far less than the record of $ 996.9million that the New Jersey legal sports gambling scene set in December.

Unfortunately, revenue didn’t have the same success as the overall handling in New Jersey of the sports betting industry. In August, $ 52 million in profit was reported. This is a decrease of 5.4 percentage from July’s $ 55 million. The state’s sports betting retention ratio, which was 9.5% in July, fell to 7.8% in august. This is the reason for the decline.

New Jersey’s August sports betting revenue was $ 7.9 Million in taxes. This benefit helped the state and local coffers.

The US legal sports betting market was able to take advantage of the high demand for football in August thanks to the pent-up demand. Valerie Cross, PlayNJ analyst, said that even though August had only a handful of preseason NFL games, it still demonstrated the immense impact that football has on the industry.

GeoComply Solutions is a Canadian fraud prevention and cybersecurity solution company. It has been following the first week legal NFL sports betting transactions in America and the numbers are astonishing. From Thursday to Sunday last week, 12.5 million geolocation transactions in New Jersey were recorded. This is 21% more than the week 1 of 2020 NFL Season in New Jersey.

GeoComply recorded 58.2 Million geolocation transactions in the US, which covered 18 of 26 US sports betting markets. This is an increase of 126% over the previous year.

“Preparing this NFL season was an ongoing process, which began before last season’s end. However, we were expecting high volumes. But what we saw surprised us,” Lindsay Slader, GeoComply’s Managing Director of Gaming. “The data tells a remarkable story of how the industry has grown in a short space of time. We are grateful to our customers and the government regulators for their tireless efforts to prepare for the new NFL season.

Keep New Jersey afloat

As usual, it was New Jersey’s mobile sports betting platform that was responsible for most of the betting activity in the state. New Jersey’s mobile betting app is consistently one of the most popular in the country. It has increased 92.2% or $ 612.9 millions to August’s $ 6664.7 million.

Although baseball remained the most popular sports bet in New Jersey, that trend will change in September. August saw $ 8.7 millions wagered on baseball. Meanwhile, $ 5.2million was contributed by “Other” sporting events. Parlays was the biggest handler for New Jersey sports betting during August. Parlays was responsible $ 19.2million of the total hold.

As we enter the fall, college and professional footballs are added to the betting options, the August spike in sports betting in New Jersey for sports betting providers is a positive sign. New Jersey has been and will continue being the benchmark for all other jurisdictions in the country.

New York still awaits a possible hit to bring the long-awaited mobile betting platform to market. However, New Jersey’s reign of supremacy as the bet-friendly state does not seem to be in danger. Nobody came close to Jersey.

Google News Source * www.sportsbookreview.com – * Source link