NJ Casinos to Help Generate $40.6 Million in Sports Betting

new jersey sports bettingSports betting is finally legalized in New Jersey now and its officials went a long way in overturning the PASPA 1992 Act for getting it legal in the state. After placing the case in Supreme Court and successfully winning it, the Garden State seems to be on a flying start.

According to a recent report, it is found that more than $40 million was wagered in sports betting for the month of July 2018. It was the first full month when the sports betting was legalized.

Legal sports betting in New Jersey started from July 14, 2018, and till now more than $57 million wagers have taken place.

The state of New Jersey welcomed the new gaming operator in the same month after the newly inaugurated Hard Rock Casino was the 3rd casino in Atlantic City in terms of overall gambling revenue. Ocean Resorts casino which was in business for almost one month had generated the lowest amount in terms of the overall gambling business.

In sports betting, Bally is the latest casino to join the bandwagon after when it started accepting the sports wagers from players from July 30, 2018. Another casino named Golden Nugget recently starts sports betting from August 31, 2018.

Sports Betting in New Jersey

Some Numbers to Think About

From July 14, 2018, onwards, the Meadows started accepting sports betting from players and they completed the month by generating revenues to the tune of $1.35 million. On the other hand, Monmouth Park raked in a good sum of $856,280 in overall sports betting revenue.

William Hill, who is the owner and CEO of Monmouth Park is extremely happy with these early results and is more than hopeful that sports betting will generate a lot of revenue in coming times.

Jeff Gural, who runs the Meadows that has a sportsbook operated by FanDuel made the following statement:

It’s not a surprise, but it looks like we’re going to dominate the market. The real test will come when companies get their sportsbook online because that’s where most of the customers are expected to come from.

Sports bettors placed a whopping sum of $562,830 at Borgata in July 2018 while Oceans Resort Casino was little more than $1 million during the same time period.

The Bally casino was open for just 2 days in July and in that time; it was able to rake in $18,000 in sports betting. The coffers of New Jersey is quite big at the moment as an amount of $325,646 was generated in state tax money.

Total Combined Numbers

It is reported that all the 9 working casinos in the state of New Jersey were able to generate $302 million as combined gambling revenue for the month of July 2018.

The figure is more than 12.8% as compared to 2017 and it is mainly due to the opening of two new casinos in Atlantic City namely Hard Rock and Ocean Resorts.

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