Sports betting soars to $95M in New Jersey in August

Sports betting soars to $95M in New Jersey in August

September 12, 2018 12:50 PM
by

Sports betting is a second-inning home run in New Jersey, where gamblers plunked down more than $95 million on sporting events in New Jersey in August.

That’s more than twice as much as they did just a month earlier.

Figures released Wednesday by the New Jersey Division of Gaming Enforcement for the second full month of sports betting show casinos and racetracks took in $95.6 million in bets on sporting events, up from $40.6 million in July.

Nearly $74 million was wagered at on-site betting windows, and $21.7 million was bet on sports via online or mobile phone apps, a market segment that is expected to become the dominant player in the industry as more and more companies gain approval from New Jersey regulators to offer online sports betting.

The surge comes as more companies race to join the burgeoning market, which became possible when New Jersey won a U.S. Supreme Court case in May clearing the way for all 50 states to offer sports betting should they so choose.

The numbers helped boost Atlantic City casino revenue to nearly $304 million, an increase of more than 24 percent from a year ago.

“With the new casinos that opened in June and the addition of sports wagering options, including online alternatives, the gaming industry has experienced growth rates in July and August that have not been achieved in years,” said David Rebuck, director of the gaming enforcement division. “It is an exciting time for Atlantic City and we look forward to continued revenue growth going forward.”

The Meadowlands Racetrack in East Rutherford, just outside New York City, led the market with just over $3 million in sports betting revenue in August; Resorts Digital was close behind at $2.97 million. Monmouth Park racetrack in Oceanport won just under $900,000; the Borgata casino won just over $855,000; Ocean Resort Casino won nearly $520,000; Harrah’s won nearly $300,000; Bally’s won nearly $270,000; Golden Nugget won over $215,000, and Resorts casino won just over $98,000.

So far this year those outlets have won $16.4 million on sports bets. Part of the money they have taken in as bets involves games that have not yet been played, including baseball’s World Series and football’s Super Bowl. That money will be accounted for after those events are decided.

The companies’ retained about 5 percent of the amount bet on completed events.

In terms of overall casino revenue in August, the Borgata took in nearly $76.4 million, up 2.3 percent from a year ago; Tropicana took in $35.7 million, down 4.5 percent; Harrah’s won $31.5 million, down 2.1 percent; Hard Rock won $31.2 million in its second full month of operation; Golden Nugget won $28.9 million, up 15.1 percent; Caesars won $27.9 million, up less than 1 percent; Ocean resort won $20.5 million in its second full month (both it and Hard Rock opened the same day, June 28); Bally’s won just under $19 million, down 9.4 percent, and Resorts won just over $18 million, down nearly 3 percent.

Internet gambling had another good month, as usual, with $24.8 million won online, an increase of nearly 17 percent from a year ago.