TRENTON, NJ – With March Madness just a day away, the State of New Jersey reported online sports betting is skyrocketing in the Garden State, coming off one of its best performing months since online gambling was legalized. With a perfect storm brewing in sports this spring, those numbers are only going to increase.
In February, the internet gaming wins total was $93.8 million in February compared to $52.0 million in the prior period, reflecting an increase of 80.4%. Sports wagering gross revenue was $46.2 million for the month.
Total Gaming Revenue for February was $288.3 million compared to $287.3 million in February 2020, reflecting a 0.3% increase.
While sports betting is increasing, Casinos are being crushed by New Jersey Governor Phil Murphy’s tight restrictions.
The total casino win for February was$148.2 million, decreasing 32.1% from the same month last year. During February, the casinos operated with certain restrictions due to COVID-19.
One of the country’s leading sports betting analysts, Joe Wiz said March and April will be breakout months.
“There are more people out there with the pandemic and March Madness being around, more people are excited, a lot of things are happening and people want to feel things are coming back to normal as sports come back to life,” Wiz said. “Everyone is participating in it. This is the first trend in sports that things are getting back to normal.”
Wiz also said New Jersey’s laws that allow for betting on sports with mobile phone apps are also contributing to the surge along with the fear many have of going into crowded public places during the pandemic.
“With apps like PlaySugarHouse.com which are available now in New Jersey, you don’t have to go to casinos or the brick-and-mortar sportsbooks,” Wiz said.
There’s a perfect storm brewing in the sports. Fans are allowed back to some capacity and people are becoming connected again to their favorite sports. This spring March Madness is just one option that also includes an extended NBA season, a full Major League Baseball season, and a full NHL hockey season.
“I think with March Madness and baseball starting on time, you’re going to see numbers that are astronomical and when you factor in NBA is extending their season into July, the industry can have a record-breaking spring,” Wiz said.