August was a burster month for sports betting in New Jersey according to the latest revenue report published by the state’s Division of Gaming Enforcement. The amount of wagers placed during the month hit $95.6m, more than double July’s figure of $40.7m, generating total revenue of $9.2m. And with the NFL season and college football now up and running, those numbers look like increasing further still from September onwards.
The division’s report also revealed that total gaming revenue for August was $303.9m compared to $244.8m in August 2017, reflecting a 24.1% increase. Casino win for August was $269.9m, increasing 20.7% from the same month last year. Internet gaming win was $24.8m in August compared to $21.3m in the prior period, reflecting an increase of 16.6%.
For the year-to-date, the industry’s total gaming Revenue was $1.867bn for 2018 compared to $1.803bn in 2017, reflecting an increase of 3.5%. Casino win was $1.660bn reflecting a 1.2% increase over the prior period. Internet gaming win increased 16.5% to $190.2m for 2018. Sports wagering gross revenue was $16.5m since inception on June 14, 2018.
For the month of August 2018, total gaming taxes were $23.8m. Total gaming taxes reflect eight % of taxable casino gross revenue, 15% of Internet gaming gross revenue, 8.5% tax on casino and racetrack sports wagering gross revenue and 13% tax on casino and racetrack sports wagering Internet gross revenue.
In addition, the casino industry incurred $4.1m in Investment Alternative Tax Obligations, which reflects 1.25% of casino gross revenue and casino sports wagering gross revenue, as well as, 2.5% of Internet gaming gross revenue. For the month of August 2018, the Racetrack Economic Development Tax of 1.25% of racetrack sports wagering gross revenue was $49,480.