July Was an Excellent Month for Sports Betting in New Jersey
According to available numbers, the wagers have recorded a staggering jump when compared to June, while the total numbers of open sportsbooks reached 5.
During the 31-day period ending on July 31, sportsbooks in the Garden State recorded $3.8 million in gross revenue, while the wagers jumped to $40.7 million. That’s an 8.6% rise in gross revenue and nearly 150% more in terms of wagers.
The First Fully-Operational Month for Many
July was also the first fully operational month for Monmouth Park, Borgata Hotel Casino and Spa, and Ocean Resort Casino, while two new sportsbooks opened made a significant impact on the total results.
FanDuel Sportsbook at Meadowlands Racetrack started doing business on July 14, while sportsbook at Bally’s opened on July 30th.
Ocean Resort took home a little over $1 million in gross revenue during July, followed by Monmouth Park with $856,280, and Borgata with $562,280.
Commenting on these figures, Dustin Gouker, lead sports betting analyst for PlayNJ said that considering the rate at which sportsbooks were opening in New Jersey, it was not surprising to see a steep increase in revenue and the amount of money wagered.
Gouker stated it was important to bear in mind this was the industry’s infancy and added a fully established New Jersey sports betting market could annually bring billions of dollars to state coffers.
The newly-opened venues did quite good in July. FanDuel sportsbooks generated $1.35 million in revenue, which represents $43,790 on a daily basis. Bally’s Atlantic City followed with $17,788 per day.
The state’s online gambling industry recorded impressive figures, generating $25.9 million in revenue in July, 14.2% more when compared to the previous month and 25.8% on a yearly basis. It should be noted that July marks the 45th month in a row that gross revenue records rise year-on-year.
Legal online gambling has earned a total of $165.4 million in 2018, getting the industry closer to the annual mark of $245.6 million set last year. The current estimates say August results will be even better, which may prove crucial for Atlantic City, whose has been on a road to recovery recently.
More Good News to Follow
If the growth trend continues, the industry could shatter the $1 billion mark before the year comes to an end.
A recent research conducted by the American Gaming Association revealed that sports betting was bringing new customers to casinos, while 71% of the participants said they would move their betting activity to a regulated market providing they had access to it.
Sara Slane, Senior Vice-President of public affairs for the American Gaming Association said expanding access to legal sports betting would bring millennial audiences back to sports broadcasts and stadiums, which was a huge benefit for sports enterprises across the country.
She stated this potential would only be realised with proper policy frameworks that empowered consumers with competitive odds, access to all bets and the ability to tap into modern platforms including mobile.