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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

GeoComply Receives Full Approval as a Sports Wagering Supplier in West Virginia

George Miller

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GeoComply Receives Full Approval as a Sports Wagering Supplier in West Virginia
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GeoComply  announced that it has received full approval as a sports wagering supplier in West Virginia for its geolocation compliance solution. GeoComply was granted interim approval in 2018 prior to receiving full approval from the West Virginia Lottery, which regulates all forms of gaming and gambling in the state.

“Geolocation compliance technology is one of the cornerstones of online sports wagering and we’re really happy to have received full approval from the West Virginia Lottery,” says David Briggs, CEO of GeoComply Solutions. “With almost 60% of residents living close to the West Virginia border, it’s critically important to utilize accurate and reliable geolocation technology to ensure the state fully monetizes their potential sports wagering market. We’re excited to be joining our partners including William Hill, FanDuel, DraftKings and IGT who also received approval in order to move online sports wagering forward in West Virginia.”

About GeoComply Solutions:

GeoComply is a global leader in geolocation technology. Since launching in 2011, GeoComply has quickly become the iGaming industry’s trusted solution for reliable, secure, and accurate geolocation services. GeoComply currently supports regulated online casino, poker, sports betting, lottery, ADW, and DFS operators in 42 US states to ensure compliance with state and federal regulations. For more information, please visit GeoComply.com

About The West Virginia Lottery:

The West Virginia Lottery regulates limited video lottery, sports wagering, video lottery and table games at the state’s four racetrack casinos and the Greenbrier Resort as well as selling more than 40 different instant games a year, offers the popular in-state online drawing games of Keno, Daily 3, Daily 4, and Cash 25, offers the Multi-State Lottery games of Powerball®, Mega Millions® and Hot Lotto.

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Gambling in the USA

New Jersey Gambling Regulators Impose a Fine of $10K on PokerStars

Niji Narayan

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New Jersey Gambling Regulators Imposes a Fine of $10K on PokerStars
Reading Time: 1 minute

 

New Jersey gambling regulators have slapped a fine of $10,000 on PokerStars for accepting bets on New Jersey college basketball teams, which violated the state’s sports betting law.

According to the documents filed by the state, PokerStars accepted 216 wagers on a game involving Rutgers and Eastern Michigan University totalling more than $2,700.

The company also took a single bet on a game involving Monmouth University and the University of Pennsylvania, whose value was not disclosed.

The fine comes as New Jersey lawmakers are considering a bill that would set fines starting at $20,000 and ranging up to $100,000 for companies that take prohibited bets on New Jersey college teams.

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Gambling in the USA

Iowa House Passes Sports Betting Bill

Niji Narayan

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Iowa House Passes the Bill to Legalise Sports Betting
Photo Source: Bitcoinist.com
Reading Time: 1 minute

 

The Iowa House has passed a bill for legalising betting on sporting events and fantasy sports. The bill has been sent the governor for consideration.

The Senate gave its approval and the bill now goes to Gov. Kim Reynolds who has said she will await the final version of the bill to decide whether she will sign it.

The bill authorises the Iowa Racing and Gaming Commission to establish rules for betting on professional, collegiate and international sporting events, including motor racing.

The bill also legalises fantasy sports contests and internet fantasy sports betting but delays betting based on college sporting event statistics until May 2020.

The commission regulates the 19 state-licensed casinos in Iowa. Once the rules are set up by the commission as early as this summer sports bets can be placed at casinos or on a mobile application they establish.

Sports betting would be limited to those 21 and older, and the bill sets a 6.75% tax on net receipts. Taxes and licensing fees could bring in estimated annual revenue of $2.3 million to $4 million annually.

 

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