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$16M bet in first 2 weeks of NJ sports wagering

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In just 17 days, sports betting generated over $16 million in wagers, $3.5 million in revenue and $294,000 in taxes for New Jersey, according to newly published data.

The New Jersey Division of Gaming Enforcement on Thursday released the first round of revenue reporting, which offers an early glimpse at how much the state can expect to add to its coffers thanks to the newly legalized industry.

“We’re obviously off to a great start,” said Joe Asher, CEO of William Hill, which operates sports books at Monmouth Park Racetrack and Ocean Resort Casino. “We always knew there was a big appetite for legal sports betting during the years of litigation, and now it is being proven.”

Added Asher: “We can’t wait until football season.”

In a landmark May decision, the U.S. Supreme Court struck down a 25-year-old law which outlawed sports betting in all but a handful of states.

Delaware was the first to begin sports betting, but New Jersey closely followed suit, much to the opposition of the professional sports leagues, including Major League Baseball and the National Football League.

In the period of June 14-30, Monmouth Park Sports Book by William Hill generated a total handle of $8,176,212.

Monmouth Park garnered $2.3 million in sports wagering gross revenue during this same time period, according to the DGE report.

Borgata Hotel Casino & Spa in Atlantic City, which also unveiled sports betting June 14, realized $986,831 in June through June 30.

The Ocean Resorts Casino, which opened June 28, took in $192,671 from sports betting. The DGE considers gross revenue the total number of wagers minus the money returned to winning bettors.

In June, New Jersey taxed sports betting gross revenue at 8.5 percent, rather than the highest possible 13.5 percent. State officials also collected the 1.25 percent tax on racetracks.

Although the DGE report indicated patrons placed $2.2 million worth of bets on soccer, there was no specific breakout on the World Cup, which will be decided Sunday when Croatia plays France.

Thursday’s report said patrons bet $10.1 million on Major League Baseball. They also bet $1 million on future sporting events.

Meadowlands Racetrack will begin collecting sports wagers Saturday. Also, Atlantic City’s Hard Rock Hotel & Casino is reportedly ready to offer sports betting pending the finalization of an agreement with British gambling company Bet365.

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Daniel J. Munoz

Daniel J. Munoz

Daniel Munoz covers politics and state government for NJBIZ. You can contact him at dmunoz@njbiz.com.

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