New Jersey sportsbooks have printed approximately CAD $21.5 million worth of betting slips during the state’s first two weeks of full legislated and legalized sports betting.
The New Jersey Division of Gaming Enforcement (DGE) reported that the now legal sportsbooks at Ocean Resort, Monmouth Park and Borgata cleared more than CAD $4.6 million on the total handle in June 2018.
Sportsbooks made approximately 7.8 percent of the CAD $20.2 million bet on the sporting events that were completed before the end of June 2018. However, the New Jersey state sports betting regulator preached caution, stating that over CAD $ 1.32 million, or approximately six percent of the total handle, were futures bets.
For the time being, that money is also counted as a win, however, it is a figure that will only be totaled after all outstanding wagers are paid out.
Regardless of the stern warning from the industry’s state regulator, it was a strong debut month for New Jersey’s entry into legalized sports betting.
William Hill in partnership with the State of New Jersey
The announcement of the good result was good news for the State of New Jersey’s partner in the Monmouth Park sportsbook project, William Hill.
William Hill has patiently waited for some years to open the doors to its sportsbook at the Monmouth Park Racetrack. On June 14 2018, the facility was the first venue in New Jersey to take a sports bet in wake of the Supreme Court’s May 2018 repeal of the two-decade long federal prohibition on sports betting. Borgata opened its sportsbook a half-hour later and has also been reporting strong business ever since.
Sports betting contributed an additional estimated almost CAD $400,000 in state revenue taxes to the state of New Jersey during the first two-week period of legal business.
William Hill U.S. CEO, Joe Asher was delighted with the initial results;
“We’re off to a great start: Mr Asher said. “We always knew there was a big appetite for legal sports betting during the 20 odd years of litigation proceedings, and now it is being proven.” Mr Asher concluded.
Atlantic City booming through legalized sports betting
Monmouth Park dominated sports betting in June, with the sportsbook reporting revenues of CAD $ 3 million. Borgata was a distant second at CAD $1.3 million, and Ocean Resort, which was open for just two days of the month of June, reported a win of CAD $252 0000.
Although the vast majority of bets were placed some 70 miles (110 km) north of Oceanport, Atlantic City welcomed a horde of new and first-time visitors who ventured to the New Jersey beachfront resort town and gambling mecca to place their first legal sports bet in the Garden State.
The highly anticipated openings of the two new Atlantic City casinos, Hard Rock and Ocean Resort, combined with the new legalized sports betting laws, had the beach side buzzing with new business during the last weekend of June 2018. Both of the new properties commenced business for the first time on June 27 2018.
As a result, total land-based casino revenue jumped 5.1 percent to CAD $ 273 million, a CAD $ 13.15 million jump on June 2017 revenue a mere twelve months previous. Combine those figures with the new sports betting and online gambling revenue, and Atlantic City casinos saw their bottom lines climb 7.3 percent on June 2017, twelve months earlier.
Market analysts are adamant the legalized sports betting will continue to add additional revenue and benefit to the New Jersey economy over the coming months whilst other U.S. states struggle to get their own legislation through the legal minefields of State Congresses and Committees.
Meanwhile, Sports Betting in Canada still and always legal
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