The first full month of sports betting revenue figures were released by the New Jersey Division of Gaming Enforcement on Tuesday, providing a snapshot of the developing Garden State market.
Total gross revenue for sports betting checked in at $3.8 million. That’s slightly up from the $3.5 million generated in a partial month of June, when Monmouth Racetrack and Borgata Casino had sports betting available for 17 days. Ocean Resort’s sportsbook was also up and running, albeit for just a three-day period at the end of the month.
Those three facilities were joined in July by Meadowlands Racetrack (July 14) and Bally’s AC (July 30).
Total handle for July came out to $40,682,237. Add that to June’s number ($16,409,619), and the total for June 14 through July 31 comes to $57,091,856.
Revenue from futures bets for the check in right at about half of that from completed events, while unredeemed winning wagers/adjustments make up the third and final category of the total year-to-date sports betting revenue breakdown:
- Completed Events (Year To Date): $3,231,570 (Handle: $55,436,058 )
- Future Events (Year To Date): $1,655,798
- Unredeemed Winning Wagers/Adjustments (Year To Date): $2,402,440
Naturally, total handle is the other key component of the total sports betting picture. Those figures reveal that New Jersey operators are generating a 5.8 percent win percentage thus far, a figure that’s squarely in line with Nevada’s numbers.
Four operators already well over seven figures in revenue
As the above numbers imply, business has generally been brisk at the five casinos and racetracks offering sports betting.
Ballys AC’s numbers naturally lag behind those of the other four operators, given that their sportsbook just opened July 30. The casino took in $17,788 in revenue over the two-day period in July in which they were accepting wagers, however, certainly an encouraging start.
The remaining sports betting licensees in the Garden State boast the following year-to-date sports betting revenue figures:
- Borgata: $1,549,661 (48 days in operation through 7/31)
- Monmouth Park: $3,135,446 (48 days in operation through 7/31)
- Ocean Resort Casino: $1,229,436 (34 days in operation through 7/31)
- Meadowlands: $1,357,477 (18 days in operation through 7/31)
Football biggest profit generator in early going
The period covered in the NJDGE’s report falls just short of the NFL Hall of Fame Game that took place Aug. 2, but that doesn’t mean football didn’t have an impact on the bottom lines of casinos and racetracks. And it was a positive one at that.
New Jersey bettors have plunked down $160,187 on CFL contests since sports betting commence June 14, leading to $30,464 in revenue for the sportsbooks – a robust 19.0 percent win rate.
Meanwhile, bettors have been getting the better of the books a solid percentage of the time on baseball wagers, as operators have generated just under $1.8 million in revenue on approximately $36.3 million in handle (4.9 percent win).
Events classified as “other” – i.e. Wimbledon, PGA and NASCAR among them — were a bit kinder to the sportsbooks. They scored wins at a 7.9 percent clip – just over $1.4 million in revenue from $17.9 million on handle.
