One Year Of New Jersey Sports Betting, $3 Billion Wagered

• New Jersey successfully challenged PASPA, fighting for states’ rights in regards to legal sports betting, on May 14, 2018.
• The legal bet in New Jersey was made on June 14, 2018, by Governor Phil Murphy at Monmouth Park.
• New Jersey has collected more tax revenue than Nevada from sports betting over the last 12 months.

ATLANTIC CITY, N.J. – Friday marks the one-year anniversary that legal New Jersey sports betting has been active.

The industry increased rapidly, from the launch of the Borgata Hotel Casino & Spa Atlantic City and Monmouth Park sportsbooks on June 14, 2018, to having ten state-licensed casinos and racetracks operating dozens of land-based and online sportsbooks throughout the state.

A year ago, nearly $16.5 million was wagered at these two venues in the two weeks of operation during June (including 3 days of action at Ocean Casino Resort ). The following month, the books watched over $40 million enter the system. Now, the sportsbooks have surpassed a monthly betting handle of $313 million for seven straight months.

According to data collected by New Jersey’s Division of Gaming Enforcement, sports bettors in New Jersey have wagered $41,932,950 shy of $3 billion in the state’s first 12 months of action.

Bettors are showing no signs of slowing down either, as they have bet $1.7 billion on sports since the start of the year (to May), which includes over $1 billion in Q1 alone.

But all of the legal sports betting action entering the books isn’t set to stay there. Besides the bettors taking home over $2.76 billion in winning wagers over the first twelve months, the books must also contribute a monthly tax. Of the near $200 million in revenue the books collected, about $23 million of that was sent straight to New Jersey.

Legal New Jersey Sports Betting Milestones During Year 1

2018

• June 2018: Monmouth Park brings in $2.28 million in revenue in their first two weeks of operations.
• July 2018: Ocean Casino and the Meadowlands enter the scene, both compiling over $1 million in monthly revenue.
• August 2018: Online betting begins, instantly making Resorts Casino Hotel the revenue leader amongst sportsbooks.
• September 2018: The state receives over $2.5 million in taxes, marking the first monthly contribution over $1 million.
• October 2018: The monthly betting handle exceeds $250 million for the first time (stands as the last time it was under $300 million as well).
• November 2018: Harrah’s Resort Atlantic City reports the first-ever negative earnings for a month, losing $124,260.
• December 2018: Hard Rock Hotel & Casino in Atlantic City enters the scene, becoming the last sportsbook to launch operations in New Jersey.

2019

• January 2019: The highest monthly betting handle was recorded at $385,279,662.
• February 2019: Seven land-based sportsbooks report negative earnings for the month, mainly from Super Bowl bettors.
• March, 2019: Sportsbook revenues and tax contributions hit an all-time monthly high at $31,669,387 and $3,783,604, respectively.
• April 2019: The $2.5 billion all-time betting handle mark gets surpassed.
• May 2019: Besides February’s negative earnings, revenue from land-based sports betting hits an all-time low at $154,430.

News tags: Anniversary | Borgata Hotel Casino Spa Atlantic City | Hard Rock Hotel Casino Atlantic City | Harrah’s Resort Atlantic City | Monmouth Park | New Jersey | New sportsbooks | NJDGE | Ocean Casino Resort Atlantic City | PASPA | Resorts Casino Atlantic City | Revenue | sportsbooks | The Meadowlands