NJ Casinos Help Generate $40.6 Million In Sports Bets For July

New Jersey went hard at overturning the PASPA 1992 act in order to get sports betting legalized. After successfully winning its case in the Supreme Court, the Garden State is off to a flying start.

A recent report shows that over $40 million in sports betting was wagered during the month of July which was the first full month in which sports betting was legal. Legalized sports betting in New Jersey started on June 14th and over $57 million worth of sports bets have been placed since.

New Jersey welcomed new gaming operators in July as the newly opened Hard Rock Casino made its debut as the number 3 casino in Atlantic City as far as gambling revenue is concerned. Ocean Resort which has just been operating for a month was reported to have generated the least amount of gambling revenue.

In terms of sports betting, Bally’s is one of the latest casinos to join the fray after they started accepting sports wagers on July 30th and the Golden Nugget will be doing the same from August 16.

Some Numbers To Ponder

The Meadowlands started accepting sports wagers on July 14th and they finished the month taking in $1.35 million while Monmouth Park, which started accepting bets a month earlier, raked in $856,280 in July. William Hill runs the sportsbook at Monmouth and their CEO said that he was pleased with the early figures. He sees a lot of potential in New Jersey’s sports betting market.

Jeff Gural runs the Meadowlands which has a sportsbook that is operated by FanDuel. In a statement, Gural said

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 sports book online, because that’s where most of the customers are expected to come from

Sports bettors placed $562,830 at the Borgata in July while Ocean Resort’s handle was a little over $1 million in the same time frame. Bally’s was only open for business for the last 2 days of July but they still took in about $18,000 in sports bets. New Jersey’s coffers are also bigger these days as $325,646 in state tax money was generated in July.

Combined Numbers

The nine New Jersey casinos that are were operating in July generated $302 million in combined gambling revenue. That number is up 12.8 percent over last year but that is mainly due to two new casinos opening.