New Jersey Sports Betting Handle Hits $16.4M in first two weeks

In the first two weeks since New Jersey legalized gambling, the state’s two main casinos (Borgata and Ocean Resort casinos) and race track (Monmouth Park) have won a total of $16.4 million in bets.

Atlantic City benefits

The Division of Gaming Enforcement of New Jersey released official data showing that the casinos, which are in Atlantic City, and the race track, located in Oceanport, have realized a gross betting revenue of close to $3.5 million from those bets. The oddsmakers will be keeping a certain percentage (7.6 percent) of the $15.36 handle for events that finalized before the end of June. The casinos and racetrack have kept 7.8 percent of the total amount wagered on completed events.

However, the regulators have cautioned that the more than $1 million wagered on future outcomes could take months to be paid out.

The casinos and the racetrack are currently the only venues accepting legal wagers.

Tax revenue generated by legal sports betting

The first two weeks of legal sports betting have seen the state generate tax revenue of close to $300,000. The data include the period between June 14, when legal sports betting commenced, to the end of the month.

At close to $2.3 million, the race track took the largest cut of the betting revenue, while Borgata took a share of $986,831 and $192,671 for the Ocean Resort. This amount is quite significant considering that the Ocean Resort had only been operational for, and realized that amount in, two days.

Joe Asher, who is the chief executive of William Hill U.S., which operates the Monmouth Park sportsbook, has embraced the legalization of sports betting in New Jersey. He said he is anxiously waiting for the football season. He has said that the potential of sports betting is already obvious even at this early stage of operations.

Marcus Glover, the president of Borgata, has registered his encouragement with the response that sports betting has received at this juncture, which saw baseball and football as the main offerings. He has said that his company is now looking forward to the NFL season.  

The ease of betting

Many bettors have registered their satisfaction at the ease with which they can now place bets. One such citizen is Bret McKay, who is a resident of Toms River. Although he revealed that he has lost around $400 since legal sports betting began, he is pleased with how easily available sports betting is now.

However, this sentiment is not shared by everybody. Pete Martorana, for example, who lives in Ocean Township, said he misses having bookies place his bets because they could advise on the best ones to place. The 86-year-old stated that he gets confused with all the options in the betting sheets.

New Jersey’s sports betting industry to expand

New Jersey’s sports betting industry is set to expand. The Meadowlands Racetrack is expected to start taking sports wagers this month. The Hard Rock Casino in Atlantic City is also awaiting the approval of its deal with Bet365 to start offering sports betting.

Sports betting revenue has drastically improved the performance of casinos in Atlantic City. The casinos registered revenues of $233.6 million in June, a 7.3 percent increase compared with the same month last year. Online betting also realized $22.6 million, an increase of 12.1 percent

The newest casinos in the city have also done well. The Hard Rock and Ocean Resort both started out with test gambling play that allowed a small group of their customers to play with real money. Hard Rock realized $4.1 million, while Ocean Resort got $3 million.

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