New Jersey Ends October with a Rise in Gambling Revenue
The report cites sports betting and online gambling as the main driving force behind a double-digit increase recorded during the last month. The numbers also reveal that sportsbooks in New Jersey took home around $600 million in bets since wagering on sports was made legal four and a half months ago.
Numbers Going up across All Verticals
Total revenue from gaming reached $239.1 million, which represents an improvement of 15.8% when compared to the same month of 2017. Nine casinos operating in Atlantic City recorded $200.6 million in October, 8% more on a yearly basis. Revenue from internet gambling and revenue from sports betting both went up, reaching $26.8 million and $11.7 million respectively.
Back in May, the US Supreme Court overturned the controversial Professional and Amateur Sports Protection Act (PASPA), effectively ending the federal ban on sports betting, which had been in effect for more than 25 years.
Such a decision allowed states to make their own decision on whether sports betting should be legalised or not. New Jersey was among the first to make betting on professional and college sports legal, launching legal operations mid-June. Other states soon followed, while the latest one was Pennsylvania, which accepted its first legal wager on November 15.
At this moment, nearly all of the state’s nine casinos and two racetracks offer sports betting to their customers, while bets can be placed both at land-based sportsbooks and online. Since the launch of sports betting, the properties across the state recorded total revenue of $52 million. The state’s brick and mortar sportsbooks accepted $296.4 million in bets since June, while $300.9 million was wagered online during the same period.
Online Leading the Way
Sportsbooks in New Jersey handled around $600 million ($597 million to be precise) in bets since wagering on sports was made legal, with $260 million in bets being processed last month alone. Football and baseball were the most popular among bettors, accounting for the vast majority of bets made during October.
The largest share of betting revenue was taken by Resorts’ Digital Division – $16.6 million, while Meadowlands racetrack followed with $15.2 million.
One new name will soon enter the New Jersey sports betting market. That’s DraftKing, the renowned operator of Daily Fantasy Sports, which has launched a brick and mortar sportsbooks in collaboration with Resorts Casino, its partner in New Jersey.
The new facility has opened its doors to new customers on November 20, and it is located off the casino floors, while customers are able to access it directly from the famous Atlantic City Boardwalk.
Resorts Casino and DraftKings started working together this summer, and their first joint venture was the launch of an internet wagering product, which went live in August.
The only two venues in New Jersey that don’t have sports betting in their offer are Caesars and Hard Rock. However, this might change in the coming period, as the owner of Hard Rock has filed a request with the New Jersey Division of Gaming Enforcement to be allowed to operate wagering on sports.