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Gambling in the USA

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

George Miller

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New Jersey Sports Betting Generates $3.5 Million In First Month Of Operation
Photo Credits: AP Photo/John Locher
Reading Time: 2 minutes

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.

 

About The PlayUSA Network:
The PlayUSA Network and its state-focused branches (including PlayNJ.com, PlayNY.com, PlayPennsylvania.com, and PlayCA.com) is a leading source for news, analysis, and research related to the market for regulated online gaming in the U.S.

 

Source: playnj.com

George Miller started his career in content marketing and has started working as an Editor/Content Manager for our company in 2016. George has acquired many experiences when it comes to interviews and newsworthy content becoming Head of Content in 2017. He is responsible for the news being shared on multiple websites that are part of the European Gaming Media Network.

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Gambling in the USA

New Jersey Governor Signs Bill which Allow Golden Nugget to Take NBA Bets

Niji Narayan

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New Jersey Governor Signs Bill which Allow Golden Nugget to Take NBA Bets
Photo Source: tripadvisor.com
Reading Time: 1 minute

 

New Jersey Governor Phil Murphy has signed a bill which allows the Atlantic City’s Golden Nugget casino to accept bets on most National Basketball Association (NBA) games.

Tilman Fertitta, a billionaire from Texas, is the owner Golden Nugget casino. He also owns the NBA’s Houston Rockets team. When New Jersey lawmakers legalised sports betting last year, a provision in the law banned team owners from placing or accepting bets on any games involving their sport.

“We’re grateful, and appreciative that people eventually realized this was an overreaction. It allows us to compete,” Steve Scheinthal, general counsel for the Golden Nugget’s parent company, Houston-based Landry’s Inc., said.

The ban on all NBA bets cut badly into the Golden Nugget’s New Jersey sports betting business. A gambler wanting to place bets on football at the Golden Nugget had to go somewhere else to bet on basketball, making it much less likely he or she would visit the Golden Nugget at all for sports betting.

“It was like going into a boxing ring with one arm tied behind your back. You just can’t compete that way. It gave everyone a year’s head start on us,” Scheinthal said.

 

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Gambling in the USA

Kentucky AG Andy Beshear Reveals Plan for Casinos, Sports Betting Across State

Niji Narayan

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Kentucky AG Andy Beshear Reveals Plan for Casinos, Sports Betting Across State
Photo Source: huffpost.com
Reading Time: 1 minute

 

Andy Beshear, the Democratic candidate of Kentucky gubernatorial election, has unveiled his plan to expand gaming and bring casinos, sports betting, fantasy sports and potentially online poker into the Bluegrass State.

Beshear, the state’s current Attorney General, faces Republican incumbent Gov. Matt Bevin in the November general election. Bevin has spoken out against gaming, especially as an option to increase funding for public pensions.

Beshear’s plan resembles what Illinois officials pushed through in their state earlier this year. While Illinois already had casino gaming, the new law expands the number of casino licenses available and allows sports betting across the state. Illinois plans to use the revenue stream to shore up the state’s infrastructure and fund pensions.

Kentucky is one of the 10 states in the US without a commercial or tribal casino. The border states of Kentucky such as Illinois, Indiana, and Ohio have casinos or racinos located just across the Ohio River near major population centres in Kentucky. Beshear said that the state loses out on $500 million in tax revenue annually to its neighbouring states.

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Gambling in the USA

Blackstone Group to Buy Bellagio and MGM Grand

Niji Narayan

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Blackstone Group to Buy Bellagio and MGM Grand
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Blackstone Group is going to buy the Bellagio and the MGM Grand, two of the biggest properties owned by MGM Resorts. Blackstone is in talks with MGM Resorts regarding this.

After buying, Blackstone would then lease the property back to MGM Resorts, who would continue to run the day-to-day casino operations.

By selling the property to Blackstone, MGM would free up needed capital to build a $10 billion resort in Japan. Early estimates have MGM receiving roughly $7 billion for the two casino resorts.

Blackstone has made a splash in the gaming market over the last several years. It purchased the Cosmopolitan Las Vegas in 2014 for $1.73 billion and acquired Spain-based Cirsa Gaming Corp in 2018 for $1.8 billion.

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