Sports Betting Part of Uptick in New Jersey Gambling Revenue

Sports Betting Part of Uptick in New Jersey Gambling Revenue

Legalized sports betting is already paying dividends in New Jersey.

Overall New Jersey gaming revenue jumped up 12.8 percent in July from the same time a year ago, eclipsing $302 million compared to around $268 in July 2017. Strong casino win figures reflected that growth, which led to a 10.1 percent increase during the same month in last year. Internet gaming win, also flourished, booming up 25.8 percent during the same time period.

The Garden State’s newest form of gambling also helped spark growth.

Breaking Down July Sports Betting Totals

In the second month of legalized betting, three New Jersey casinos and two racetracks combined to take in more than $40 million worth of wagers. That netted $3.8 million in gross revenue for the facilities.

That was distributed as follows among the five facilities, including Bally’s, which took its first bet July 30:

  • Meadowlands Racetrack: $1,357,477
  • Ocean Resort Casino: $1,036,766
  • Monmouth Park: $856,280
  • Borgata: $562,830
  • Bally’s: $17,788

Meadowlands was the big winner. The track opened the first-ever FanDuel sportsbook July 14 and quickly became the top-grossing facility in New Jersey. Located In East Rutherford just across the Hudson River from Manhattan, Meadowlands seized the New York market as the Empire State struggles to implement its own sports betting plans.

Collectively, these tracks and casinos are more than satisfied with these early returns, according to the Asbury Park Press. July is typically considered the slowest month of the sports calendar as college sports are still in their offseasons and only one of the four major professional sports leagues, Major League Baseball, plays games.

Not surprisingly, baseball revived far and away the most bets. After casinos and tracks recorded more than $10 million in total bets last month, they saw an additional $26 million in July alone. New Jersey gaming facilities have now collected more than $57 million worth of bets since the state took its first wager in June.

This number will only go up when popular sports like football, basketball and hockey resume their seasons in the coming months. A new set of gaming destinations will make an even bigger impact.

Which Casinos Are Next?

Though they weren’t included in the July report, two more Atlantic City casinos are already taking bets.

Harrah’s, which like Bally’s is owned by Caesars, took its first bet Aug. 1 and Resorts took its first bet two weeks later. Next month’s sports betting report will feature seven of the 12 New Jersey facilities eligible to take bets. The Hard Rock intends to join them shortly and these strong revenue reports may incentivize others to do the same.

Already New Jersey is re-establishing itself as the top gaming destination on the east coast. The second state outside Nevada to legalize casinos, the Garden State was also a pioneer of online slot, poker and table gaming. It led the multi-year legal challenge against the federal ban on sports betting and now constitutes the largest market by population with legal wagering on sporting events.

Atlantic City casinos alone attract more than 24 tourist visits annually and, along with New Jersey’s three racetracks, is now worth more than $1.5 billion in revenue each year. After a 30-year low in tourist visits in 2017, the opening of two new casinos and access to sports betting is sure to turn that tide.

That means more big numbers in revenue reports in the coming months.

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