New Jersey sportsbooks were busy during July – the first full month of legal sports betting in the state following a United States Supreme Court decision in May that opened the door for states to regulate their own markets. It didn’t take long for casinos and bettors alike to take on the new gambling frontier.
According to a report released by the New Jersey Division of Gaming Enforcement, over $40 million was wagered on sports in the Garden State last month.
That amount turned into over $3.8 million in profits for New Jersey casinos and racetracks, as well as over $325,000 in tax money to the state through an 8.5 percent tax on gross sports betting revenue.
The Future Looks Bright
July was the first full month sample size, but sports betting began in New Jersey in June. The Borgata Casino and Monmouth Park Race Track both opened June 14, followed by Ocean Resort on June 28, the Meadowlands Race Track on July 14, and most recently Bally’s Atlantic City on July 30.
The gaming industry was ready for the arrival of sports betting. The Resorts Casino in New Jersey began taking bets later than other casinos and has not reported any data yet, the Associated Press reported.
But Resorts has partnerships in place with two online companies – DraftKings and The Stars Group (PokerStars) –to offer mobile and online sports betting.
The Stars Group themselves are betting on sports. Online poker revenue dropped in New Jersey in the final quarter of 2017, according to the Division of Gaming Enforcement. Although poker revenue from the company’s PokerStars platform showed an increase in 2017, it represented five percent less of the company’s total revenue than the year before. Both of those factors could be indicators that players are seeking other ways to gamble online.
Other states are also doing their best to enter the future of gaming. The Stars Group recently partnered with Mount Airy Casino Resort in Pennsylvania to provide online poker and sports betting.