New Jersey has had its first full month of legal wagering following May’s ruling on PASPA. And while the picture is far from clear as to how the market will shape up in the Garden State, the field is already starting to string out with some notable strugglers losing ground.
Meadowlands racetrack emerged as New Jersey’s biggest earner from the newly legalised sports betting market in July, taking $1.357m in revenue. Trailing slightly was Ocean Resort Casino with $1.036m. Bally brought up the rear with just $17,788, but the real strugglers were Borgata with $562,830 (down from $986,831 in June), and Monmouth Park with $856,280 (down from $2.279m in June).
Total revenue from sportsbooks across the five properties came in at $3.8m, up from around $3.5m in June, based on wagers of $40.6m. While the numbers are hardly ground-breaking, all the usual clichés about ‘early days’ evidently apply here.
Revenue for July is based solely on wagers placed at brick and mortar locations and July is typically a slow month for betting action. And yet to come into play is arguably the most significant factor, mobile betting, which is likely to eventually outstrip the traditional land-based form of wagering.
The signs are, if nothing else, encouraging for Meadowlands and Ocean Resort, but less so for Monmouth Park, which took the historic first legal bet post-PASPA. The Oceanport facility saw its sports betting take plummet in excess of 60 per cent in July despite being open for business more days than any of its competitors. As for Borgata, Atlantic City’s highest grossing casino, the dearth in sports betting revenue from its temporary sportsbook offering will likely leave bosses feeling more than a little perplexed.