New Jersey’s sports betting scene generated a total of $3.8m in revenues for the month of July, as the the FanDuel operated sportsbook located at the Meadowlands Racetrack hit the ground running.
Becoming the market leader despite only commencing operations on July 14, the East Rutherford property, located approximately seven miles from the New York state line, came in with $1.3m in revenues.
The only other new property to commence operations in July, Bally’s Atlantic City, which opened on the 30th of the month, brought in £17,788 during its first two days of operation.
Representing the first full month of sports wagering for the other three sportsbooks in the state, William Hill’s Monmouth Park, June’s front-runner, saw its numbers tumble to $856,280, giving it a year-to-date (ytd) revenue of $3.1m.
The Ocean Resort, which also partnered with William Hill for its offering, came in with a little over $1m in gross revenue, whilst the Borgata, the first to accept wagers alongside Monmouth Park on June 14, also saw its number dip to $526,830 ($1.54m ytd).
A total of $57.1m has been has been wagered thus far during New Jersey’s sports betting lifespan, with $55.4m of that figure placed on completed events for a 5.8 per cent win.
Breaking down that figure further sees baseball taking the lion’s share with $36.3m, with a 4.9 per cent win, basketball saw a little over $1m wagered but has a tiny win percentage of just 0.2, football produced $160,187 in wagers win a 19 per cent win per cent, with $17.9m placed on all other events for a 7.9 per cent win.
Total gaming revenue for the month of July came in at $302.1m, a 12.8 per cent boost on 2017’s $267.8, with year-to-date revenue slightly increasing to $1.56bn.
The recent openings of the Hard Rock Hotel and Casino and Ocean Resort Casino on June 27, helped casino win for the month record a 10.1 per cent jump to $272.3m, masking over year-on-year declines for the regions seven other casino facilities.
Internet gaming on the other hand continues to flourish, as the Golden Nugget maintains its position as market leader with 49.3 per cent increase to $9.3m, seeing total revenue reach $25.8m, a 25.8 per cent increase on $20.5m.
SBC Americas analysis: New Jersey’s sports betting operations will now be busy preparing for the imminent beginning of the NFL season, which will see the Philadelphia Eagles and Atlanta Falcons face off in the seasons curtain raiser on September 7. This could well see the Meadowlands Racetrack further cement its place as the New Jersey sports betting leader, with its location a stones throw from the MetLife Stadium home of New York’s due of NFL franchises, namely the Jets and Giants. In truth, it is the Meadowlands’ prime location that has indeed seen it thrive in its short life, and while New York continues to have no legal sportsbooks, its place as the undisputed front-runner in The Garden State will remain untouched.
