New Jersey sports bettors have already wagered millions within the first few days of legal sports betting in the state. With only three sportsbooks reporting, that figure is sure to rise.
Overall, the Garden State record $16.4 million in sports bets since New Jersey legalized gambling earlier this month. The state’s Division of Gaming Enforcement reported in its monthly release that Monmouth Park, Borgata and Ocean Resorts Casino combined for just under $3.5 million in total sports wagering revenue.
Monmouth Park and Borgata took their first bets June 14, the first day of legal sports betting. Ocean Resorts started June 28. The three averaged a 7.8 percent average keep between them. Nevada casinos typically average around five percent.
About 66 percent of bets related to Major League Baseball. Soccer bets, buoyed by the 2018 FIFA World Cup, accounted for about 14 percent of the handle. Other sports accounted for the rest of the more than $16 million wagered.
Even with the World Cup, June is typically a slow month in the U.S. sports calendar. Revenue is sure to pick up in the fall, where professional and college football, the two most watched sports in America, begin their respective season.
Additional sportsbooks will make an even bigger impact. With the new, revamped FanDuel licensed sportsbook at Monmouth Park set to open later this week and more of the state’s casinos set to take bets in the coming weeks, this will almost assuredly be the lowest-grossing month ever for New Jersey sports betting.
Excited as gambling stakeholders are for the first-ever sports gambling report, these figures are just a small portion of the state’s growing gambling industry. Another strong revenue report underscores that excitement.
The state reported $233.6 million in total gaming revenue for June 2018. That’s compared to $217.7 million in June 2017 – a 7.3% year-over-year increase. That resulted in nearly $19 million in tax revenue for the state.
Most of that revenue came from the state’s eight casinos. Borgata led the way with $60.8 million in revenue for the month of June, a 1.7 percent increase over the same time a year earlier. Tropicana and Harrah’s followed with $30.6 million and $29.7 million, respectively.
Online gambling accounted for $22.6 million, or roughly 10% of the state’s total revenue. The Golden Nugget more than doubled it’s revenue from June 2018 compared to June 2017, helping to spur a significant year-over-year increase. Overall, online gambling revenues were up more than 12% during that time period.
The first round of sports betting and the strong figures overall reaffirm New Jersey as the preeminent destination for gambling on the east coast.
Garden State officials spent the better part of a decade challenging the federal ban on sports betting. The Supreme Court ruled in their favor in May of this year, and New Jersey gambling establishments took their first bets on sporting events a few weeks later. With New York and Pennsylvania sports betting efforts fledgling, New Jersey is positioned to be the most populated state with sports betting through at least the end of this year.
Even before sports betting legalization, multiple Atlantic City casinos announced plans to rebrand and reopen. These casinos have already drawn thousands of visitors and help bolster the state’s reputation as a tourism and gambling destination.
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