New Jersey Casinos Win $3.5M From Sports Bettors In About Two WeeksIndustry Takes About $16.4 Million In Wagers |
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New Jersey finally kicked off its sports betting industry in mid-June, and during those roughly two weeks of action before July 1 the casinos won $3.5 million from gamblers.
The New Jersey Division of Gaming Enforcement issued a report with the figures earlier this month. According to regulators, the casinos took about $16.4 million worth of bets on athletic events in June.
The racetrack Monmouth Park in Oceanport was among the first to launch sports betting, and it generated $2,279,166 in revenue from the activity, per the state data. Borgata was second to launch, and the casino, the largest of its kind in Atlantic City, generated $986,831 off the sports wagers it took during June. Ocean Resort, formerly known as Revel, reopened to the public on June 27 and in just a handful of days generated $192,671 in sports betting revenue.
Atlantic City is home to nine brick-and-mortar casinos.
A little over $1 million of the $16 million in total wagers were placed on “future events.” Here’s how New Jersey casino regulators define and account for those wagers:
“Wagers on events that take place after the current month [are called] “Future Events.” For example, a wager made in June 2018 on an NFL team to win the Super Bowl is included in Sports Wagering Gross Revenue and taxed in June 2018, while the winning wager payouts will not be deducted from gross revenue until the Super Bowl is held in 2019 and the winning wager is redeemed," wrote the gaming division.
The sports betting report was the first of its kind in New Jersey history, and regulators underscored the nature of such reports: “Sports Wagering Gross Revenue may be volatile on a monthly basis, since (1) the payouts for Future Events such as the Super Bowl could occur months after the original wager was made and (2) Unredeemed Winning Wagers from prior months will be deductible upon redemption in future months.”
While the sports betting revenue can fluctuate greatly from month to month, it’s very rare for the books to have a losing month. Nevada casinos haven’t lost on sports betting in nearly five years.
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