Monmouth Park Down $502K From February Sports Betting In New Jersey

• Sports Betting Financial Reports For The Month Of February Released By The New Jersey Department Of Gaming This Week
• February Marks The Costliest Month Of Sports Betting At Monmouth Park In N.J.

OCEANPORT, N.J. – Those who are familiar with the sports betting industry know just how volatile the revenues generated from the activity can be. Monmouth Park learned that lesson last month, having reported a loss of nearly $502,000 due to sports wagering in New Jersey.

The numbers were released by The New Jersey Department of Gaming earlier this week, which showed that not only did this William Hill powered sportsbook have a down month in February, but New Jersey sports wagering venues as a whole did.

A total of six sportsbooks reported losses at their brick-and-mortar locations and the total gross revenues generated by sports bets in the state fell from $18.8 million in January down to $12.7 million last month.

The financial woes are due in large part to bets being placed on the New England Patriots shortly before Super Bowl 53 in the first week of February. The Division of Gaming Enforcement revealed after the game that operators were $4.5 million in the hole because of the event.

After that, the rest of the month was a steady climb back up for sports betting at Monmouth Park and other locations in the Garden State.

With March Madness only days away, sports wagering venues are hoping to be able to cash-in on what is expected to be yet another large handle this month.

Last year, the American Gaming Association estimated a total of $10 billion dollars being wagered on the college basketball tournament, 97 percent of which would be done illegally.

With legal sports betting in New Jersey so accessible this year, it can either mean a sizable profit for Monmouth Park or yet another steep loss for NJ sports betting operators.