New Jersey Sports Betting Revenue Touches $184m in Sept 2018

new jersey sports bettingThe latest sports betting revenue report of New Jersey shows a humungous 92% hike in September. Revenues in September were $184 million as compared to $796 million in the previous month.

The biggest reason for the growth in sports betting revenue for New Jersey was opening of American football season for NFL and college.

Sports betting was legalised in New Jersey in June after the federal month was lifted in May 2018. With the introduction of sports betting in the state, Atlantic City is likely to revive its fortunes. It was a welcome surprise as Atlantic City became bankrupt in the year 2017.

Nine casinos are operating in the Atlantic City area, and they have collectively generated revenues of more than $272 million for September 2018.

Online Gambling in New Jersey

Online gambling has become quite popular in the state with five different online platforms available for players. For September, revenues increased by 26% with figures touching $26 million mark.

When it comes to sports betting, New Jersey is next to Nevada. For August, Nevada saw revenues of $247 million from sports betting. The other states in the USA where sports betting is legalised are Delaware, West Virginia and Mississippi.

Several other states have passed the sports betting bills, but any sportsbook is yet to open. Mississippi saw revenues worth $10 million from sports betting in August while West Virginia registered $5 million in overall revenues in the same month.

Breakdown of New Jersey Sports Betting

The football season acted as a suitable catalyst for the growth in revenue from sports betting for the state of New Jersey. Since June, an amount of $94 million is wagered on football and another $119 million on baseball. Parlay Bets has accounted for approximately $36 million in overall betting from players.

It can be seen that people prefer sportsbook betting online from the comforts of their home instead of visiting the land-based gambling site. Till now, $210 million has been wagered at online platforms instead of any casino or racetrack. This figure is out of total revenue of $336 million. Many different gambling operators have entered the scene after sports betting was legalised in New Jersey back in June.

Drafts Kings offer sports betting on Resorts Casino which is an online platform. It was able to generate revenue worth $8.5 million in September. FanDuel operates sports betting at Meadow Racetrack generated $7.2 million in revenues during the same period. William Hill, running a sportsbook at Monmouth Park, saw revenues worth $2.2 million during September.

In casino sports betting revenue, The Borgata led the way with revenues worth $2.5 million in September followed by Oceans Resorts with approximately $1.3 million and Golden Nugget with $1.1 million. The figures are not precise because several players place long-term bets.

What Does the Future Hold?

It seems that the online sports betting trend are likely to continue in the near future. A large number of casual gamblers have started placing a sports bet online. These are those people who don’t frequently visit the land-based casinos and don’t indulge themselves in any forms of gambling.

With NHL and NBA in action, there is a lot of fun, entertainment and excitement to come. The New Jersey gambling operators seem to warm up and looking forward to making a lot of money with the upcoming events.

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