Sports Betting in New Jersey Generates $3.5 Million in First Two Weeks
According to the report, the legal sports betting market in the Garden State has recorded revenue of around $3.5 million in the first few weeks since betting on sports was made legal.
An Excellent Start
The first legal sports wager was placed on Thursday, June 14th, when New Jersey Gov. Phil Murphy bet $20 at a sportsbook at Monmouth Park racetrack. And although the numbers are subject to change, the first data reveals that licensed wagering operators in New Jersey have since earned $3.46 million in revenue.
The DGE has included both pending wagers on future events and unredeemed winning wagers in the result, with the former being just over $1 million, and the latter at $1.2 million. If we exclude them from the final amount, the revenue figure drops to $1.2 million.
That’s a hold rate of 7.8% on the state’s total betting handle.
Nearly 94% of the total betting handle (or $15.4 million) was wagered on completed events, while the remaining money was spent on future events. Bettors wagered the vast majority on baseball ($10.1 million), while only $2.2 million was spent betting on the 2018 FIFA World Cup.
On June 14th when sports betting was launched in New Jersey, only two venues were licensed to offers this service – the Monmouth Park racetrack and the Borgata casino in Atlantic City.
Monmouth Park took home just under $2.3 million, Borgata was just under a million ($987,000), while the new Ocean Resort Casino – which opened its doors to customers on June 28, claimed $193,000 in sports betting revenue. The Meadowlands racetrack has recently joined them, entering the market on July 14th, while we can expect other Atlantic City casinos to follow its example soon, although no dates have been set yet.
Improved Figures Expected in the Months to Come
Experts say the numbers were better than expected. Commenting on these results, Dustin Gouker, lead sports betting analyst for PlayNJ said it was exciting to see the first sports betting numbers out of New Jersey, but pointed out the figures were still limited in where and how they were offered.
He stated that the total amount wagered and revenue would increase exponentially as more casinos and racetracks begin to offer wagering, and as online betting kicked off later this summer and into the fall.
Gouker added the initial numbers showed bettors were turning up in droves to try out legal sports betting and stressed this also meant that sports betting was motivating people to visit the state’s tracks and casinos — a boon for their businesses.
Betting online is still not available to players across New Jersey, although the DGE said it was close to approving the first online books. On the other hand, the state’s legal online gambling industry took home $22.7 million in June. It was the 44th month in a row that the state’s gross gaming revenue records a year-on-year rise.
During its first 20 days of operation, Delaware – another state to have legalised sports betting in June – recorded $1 million in revenue.