New Jersey Scores Big In First Full Month Of Sports Betting

ATLANTIC CITY, N.J., Aug. 14, 2018 /PRNewswire/ -- New Jersey's sportsbooks did not disappoint in their first full month of operation, increasing wagers dramatically from June while nearly doubling the number of open sportsbooks to five.

"The underlying data points are impressive, too," said Dustin Gouker, lead sports betting analyst for PlayNJ.com. "And it's important to remember that this is the industry's infancy. A mature, fully established New Jersey sports betting market could field billions of dollars in annual wagers."

New Jersey's sportsbooks generated $3.8 million in gross revenue on $40.7 million in wagers completed in July, according official reporting released Tuesday. Both metrics are up from the $3.5 million generated in June on $16.4 million in wagers completed.

FanDuel Sportsbook at Meadowlands Racetrack — which opened July 14 — posted $1.35 million in July gross revenue and generated $43,790 per day to set the pace in the state.

"Revenue growth slowed at the existing books, but we expect it to hasten once football begins later this month," Gouker said. "August will be fun to watch, as it will give us our first full month-over-month comparisons."

More books are coming, too. Wild Wild West Casino opened July 30, Harrah's Atlantic City opened on Aug. 1, and Resorts AC is expected to open in days. In August, DraftKings became the first operational online sportsbook.

"By the end of the year, New Jersey should have perhaps as many as a dozen online sportsbooks," Gouker said.

New Jersey's legal online gambling generated a record $25.9 million in July, up 14.2 percent from $22.7 million in June and 25.8 percent from $20.6 million in July 2017.

"Atlantic City casinos cracked 30,000 employees for the first time since 2014, proving again that online gambling hasn't cannibalized New Jersey's land-based casinos," said Steve Ruddock, lead online gambling analyst for PlayNJ.com. "Add more than $155 million in additional tax revenue that online gambling has generated since 2013, and online gambling has proven to be an unqualified success."

For more, visit PlayNJ.com.

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SOURCE PlayNJ.com