New Jersey Sports Betting Generates $3.5 Million In First Month Of Operation

New Jersey’s legal sportsbooks fared well in June generating $3.5 million in gross revenue on $16.4 million in wagers, according to official reporting released Thursday.

“It’s exciting to see the first sports betting numbers out of New Jersey, but we have to remember it’s still limited in where and how it is offered,” said Dustin Gouker, lead sports betting analyst for PlayNJ.com. “The numbers will increase exponentially as more sportsbooks open, and as online betting kicks off.”

Only Monmouth Park, Borgata — which both opened June 14 — and Ocean Resort Casino — which launched June 28 — operated sportsbooks during June.

Meadowlands Racetrack, which will operate as a FanDuel Sportsbook, is expected to open July 14.

“We could see the first legal online sportsbooks launch in New Jersey this month, with many others aiming to be live by football season,” Gouker said.

Monmouth Park led the way with $2.3 million in gross revenue, generating $142,448 per day. Borgata tallied $986,831 in June revenue and $61,677 per day, while Ocean Resort had $192,671 in gross revenue by generating $64,224 per day.

“The initial numbers show bettors are turning up in droves to try out legal sports betting,” Gouker said. “This also means that sports betting is motivating people to visit the state’s tracks and casinos — a boon for their businesses.”

Meanwhile, New Jersey’s legal online gambling industry generated $22.7 million in gross revenue in June, the 44th consecutive month that gross revenue has increased year-over-year. And with June’s collection of $3.9 million in tax revenue, online casinos have now generated $150.8 million for New Jersey since the industry was born in November 2013.

“Every sign is positive for the online gambling industry,” said Steve Ruddock, online gambling analyst for PlayNJ.com. “$30 million in monthly revenue and $1 billion in lifetime revenue are within reach. The online gambling industry remains a growing force in New Jersey.”

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Source: playnj.com