William Hill Off to a Good Start in New Jersey
Following the decision of the Supreme Court to overturn the PASPA act, a lucrative new market has emerged in the United States.
And while a number of states are working on their new sports betting legislation, some of them, including New Jersey, have already made betting on sports legal, hoping to fill up the state coffers in the coming period.
The Brits Are Doing Fine
One of the companies to have quickly entered the legal sports betting market in New Jersey is the British giant William Hill. The renowned bookmaker set foot in New Jersey at Monmouth Park racetrack on June 14, on the very same day that Borgata casino in Atlantic City went live. Two weeks later, William Hill’s Ocean Resort sportsbook started offering betting on sports to its customers.
According to the recently revealed report, William Hill has got off to a flying start in the Garden State.
Figures released by New Jersey’s Division of Gaming Enforcement clearly state that more than $16 million (or $16.4 million, to be precise) had been wagered on sports during the two-week period between June 14 and June 30.
The numbers indicate that operators kept 8% of the total amount wagered, which equals somewhere around $1.2 million.
The available information reveals that gross revenue from wagering on sports was around $3.5 million. Monmouth Park earned two-thirds of this sum ($2.3 million), the Ocean Resort took home $193,000 – which may not look impressive, but the newly-opened venue achieved this result in only three days of operation. Last, but definitely not the least, was Borgata, which was $13,000 short of a million.
Satisfying the Market’s Appetite
Commenting on the results, Joe Asher, William Hill US Chief Executive Officer stated the number showed the big appetite for legal sports betting in the United States.
Asher said that while it was still early, the company was obviously off to a great start. He pointed out that William Hill had always known there had been a big appetite for legal sports betting during the years of litigation, and now it was being proven.
The Chief Executive added the bookmaker was proud to be creating new jobs in New Jersey and bringing excitement to its customers. He stressed that everyone at William Hill US was looking forward to the upcoming football season.
Charles Shultz of the content service for financial markets Seeking Alpha said that total gaming revenue in New Jersey went up by a little over 7% to $233.6 million when compared to the corresponding period of last year. He also said sports betting had aided other gaming verticals, with the extra traffic presumably helping in other gaming areas.
And while New Jersey, Delaware, and Rhode Island have already made sports betting legal, two Ohio lawmakers are looking to legalise wagering on sports in their state, as well.
One of them, San O’Brien, told in an interview that they planned to have the details of the bill ready by August or September. Ohio is the seventh largest state by population in the US, with 11.5 million residents.