The first report is in for sports betting in New Jersey. And while it is a small sample size, the numbers for at least one sportsbook operator create a rosy outlook for the future.
During the first 17 days of regulated NJ sports betting, beginning June 14, three properties in the Garden State took in $16,409,619 in wagers — or handle — and combined for $3,458,668 in gross revenue.
The full report from the NJ Division of Gaming Enforcement can be seen here.
In a statement commenting on the figures, Joe Asher, CEO at William Hill US, which operates sportsbooks at Monmouth Park and Ocean Resort Casino, said the first report is promising for the state:
“While it’s still early, we’re obviously off to a great start. We always knew there was a big appetite for legal sports betting during the years of litigation, and now it is being proven. We are proud to be creating new jobs in New Jersey and bringing excitement to our customers. We can’t wait until football season.”
Breaking down the NJ sports betting numbers
As a quick refresher, understand that “handle” is the amount wagered by bettors while “revenue” is what casinos made after paying out winning tickets.
Two casinos and one racetrack in New Jersey boasted operating sportsbooks. Monmouth and Borgata both went live June 14, while Ocean Resort debuted June 28. Here is the revenue breakdown for those three properties:
- Monmouth Park: $2,279,166
- Borgata: $986,831
- Ocean Resort Casino: $192,671
Of the handle, the DGE reported that $15.4 million was wagered in “completed events,” or events that had an outcome determined during the current month. Completed events handle included $10.1 million wagered on MLB and $2.2 million on soccer.
Additionally, $1 million of the handle related to futures bets: $500,247 on soccer, $280,611 on NFL and $130,177 on MLB.
Comparing NJ to another new market
Certainly, it is apples and oranges, but with New Jersey closely linked to Delaware, it stands to reason that comparing the first months of the two states is logical.
Like NJ, Delaware had three properties accepting legal sports bets in June. And like the Garden State, Delaware’s first month of revenue figures was shortened (20 days).
In Delaware, which rolled out regulated wagering June 5, $7 million in handle was reported while revenue came in at $1,000,247.
Bright future ahead
Only three properties in New Jersey were operational in the sports betting industry last month. One of them, Ocean Resort, had only a few days’ worth of figures to report.
Soon, the market will expand. And numbers should continue to grow.
All nine Atlantic City casinos and another three racetracks are authorized to apply for sports betting licenses. While only three properties have gone live with sports betting, another has already jumped into the action while several others are poised to join the fold shortly.
This past Saturday, Meadowlands Racetrack unveiled the FanDuel Sportsbook at its Victory Sports Bar & Club.
On the horizon are a group of other potential sportsbooks:
- Hard Rock Atlantic City has a deal in place with bet365 Group.
- Resorts has a partnership with daily fantasy sports giant DraftKings and another deal with SBTech.
- Golden Nugget is primed to enter the market as well, thanks to its standing and operations in Las Vegas.
- Caesars Entertainment — which owns Caesars, Bally’s and Harrah’s — is reportedly on the verge of rolling out sports betting by August.
On top of it all, online wagering is now an option for sportsbooks in the Garden State. Mobile betting should spike revenues even more, though at the moment no property has gone live with online platforms.