Portugal Is Considering a Change in Its Gambling Tax Policy [...]
New Jersey Generates $40.6 Million in Sportsbetting Wagers in First Month
- August 15, 2018 By Oliver Young -
In just more than a month since sportsbetting was officially green-lit on the territory of New Jersey, betting and casino operators have already managed to amass $40.6 million in wagers for the month of July. The numbers were revealed in an official report which outlined the money generated by some of the operators who already offered betting for the month, while those who later introduced sports wagers are to provide their numbers for the following September report.
Meadowlands Betting Leads the Way
Sportsbetting in New Jersey officially began on June 14th 2018, about a month later after the state won over a case at the U.S. Supreme Court that opened the doors for legalizing sportsbetting in all US states. In total, sportsbetting in New Jersey has generated over $57 million in bets since the legalization in June, while a bigger increase is expected as more operators enter the new market.
The new numbers mostly cover sportsbetting wagers at the Ocean Resort and Borgata Casino as well as the Meadowlands and Monmouth Park tracks since all of these operators began to offer sportsbetting earlier. Numbers from Bally’s Atlantic City Casino weren’t taken into consideration because the company only introduced betting on the 30th of July. Other late-to-arrive operators are Harrah’s, Resorts, and Golden Nugget, the last two of which are to start offering sportsbetting as of this Wednesday.
The highest earning operator in sportsbetting is the Meadowlands racetrack in East Rutherford, which earned $1.35 million in July. The racetrack only began accepting bets on July 14th. The Monmouth Park race track, on the other hand, generated $856,280 in revenue for the month, despite having started taking bets a month earlier. Ocean Resort numbers show the operator handling more than $1 million for the period while Borgata generated $562,830. Bally’s came at the bottom of the list with $18,000 which were earned during the two days the casino offered betting in July. A total of $325,646 in taxes was generated for the month.
According to Meadowland operator Jeff Gural, it is not surprising to expect the racetrack to “dominate the market”. But for much of his enthusiasm, Gural feels that the real test is yet to come when operators begin to offer online betting, since that’s the sector where the majority of punters are expected to come from.
Hard Rock Arrives at Third Spot by Revenue
When it comes to full gambling revenue, the nine NJ casinos generated $302 million for the period of July, or 12.8% more than the same period last year. The increase is mainly owed to the opening of two new casinos during the month, including Hard Rock Atlantic City which came third in terms of revenue for the period, earning $32.7 million.
The only casinos surpassing Hard Rock are the leading Borgata casino, which generated $76.6 million in revenue, and the Tropicana which earned $37 million. But out of all casinos, only the Golden Nugget saw a year-on-year increase during the month, generating $29.4 million or 8.8% more than the same month in 2017. The Golden Nugget also generated the most online gambling revenue in May when the operator earned $8.8 million through its online casino.