New Jersey legal sports betting generates USD 16 M

The reports also shows that legal sports wagering together with the opening of the city’s first new casinos in six years helped Atlantic City to a 7.3 percent increase in gambling revenue last month, and the best June ever for the city’s best-performing casino.

Including revenue from brick-and-mortar casinos, online gambling and sports betting, the casinos took in $233.6 million in June 2018, Press of Atlantic City reports. Internet gambling was up 12.1 percent over the prior June, to $22.6 million, according to numbers released Thursday by the state Division of Gaming Enforcement.

Borgata Hotel Casino & Spa had the best June in its 15-year history, winning $65.8 million from gamblers, more than twice the amount won by its nearest competitors in Atlantic City.

The city’s two newest casinos also did well in their first week of operation. Hard Rock Hotel & Casino Atlantic City and Ocean Resort Casino started soft-play gambling, a test with real money but for only a small group of guests, three days before their June 28 openings. Hard Rock won $4.1 million in that period, while Ocean Resort won $3 million.

Overall, New Jersey took in $16.4 million in sports bets during the first two weeks such wagers were legal in the state. That’s more than twice as much as Delaware did in its first 20 days (just over $7 million).

Borgata and Ocean Resort and the Monmouth Park racetrack in Oceanport saw gross sports betting revenue of nearly $3.5 million on those bets.

But regulators caution that bets involving future outcomes, such as the winner of baseball’s World Series or football’s Super Bowl, won’t be paid out for months. Just over $1 million was wagered on such bets.

The casinos and the track are the only places legally taking sports bets right now. Of completed events that were the subject of betting, they retained 7.8 percent of the amount wagered, or about $1.2 million.

The report covers only the period from when sports betting began June 14 through the end of the month.

Monmouth Park took the lion’s share of sports betting revenue, at nearly $2.3 million. Borgata saw $986,831, and Ocean Resort, which had only two days of sports betting last month, saw $192,671. Regulators did not break down the total amounts bet at each outlet.

Borgata President Marcus Glover said he’s encouraged by the response to sports betting during a time when baseball and soccer’s World Cup were the main offerings.

"There’s a lot of pent-up demand waiting for the NFL," he said.

Likewise, the CEO of William Hill US, which runs the sports book at Monmouth Park, said he "can’t wait until football season."

"While it’s still early, we’re obviously off to a great start," CEO Joe Asher said. "We always knew there was a big appetite for legal sports betting during the years of litigation, and now it is being proven."

The industry is set to expand soon. The Meadowlands Racetrack in East Rutherford, just 6 miles from New York City, will start taking sports bets Saturday. And Atlantic City’s Hard Rock is awaiting approval for its deal to offer sports betting with British gambling firm Bet365.

Bret McKay, of Toms River, goes to Monmouth Park about once a week to bet $200 on baseball. He estimated he’s down about $400 since sports betting began but said he welcomes the ease with which it’s legally available.

"It’s not like it was where you had to find some random guy who knows a guy to place a bet for you," he said.

But Pete Martorana, of Ocean Township, said he misses the days when his bookie could explain every aspect of a potential bet.

"I’m confused with all these options here," the 86-year-old said while evaluating a betting sheet outside the track Thursday. "I liked dealing with the bookies better. Just bet the (New York) Yankees every day. It’s easier. And you win most days."