Successful June for New Jersey sportsbetting industry

The newly-legalized sportsbetting industry in New Jersey reportedly generated some $16.4 million in wagers last month led by the performance of the sportsbook operation offered by the eastern state’s Monmouth Park Racetrack.

According to a Friday report from G3Newswire, last month saw New Jersey become the second state after Delaware to take advantage of a May ruling from the United States Supreme Court that invalidated the previous Professional and Amateur Sports Protection Act (PASPA) federal prohibition, which had largely limited sports wagering to Nevada. Monmouth Park Racetrack and Atlantic City’s Borgata Hotel Casino and Spa subsequently began offering sportsbetting from June 14 while the recently-opened Ocean Resort Casino soon followed suit by launching a sportsbook of its own two weeks later.

G3Newswire reported that the final 16 days on June had seen Monmouth Park 7BALL CX Racetrack generate $2.3 million in sportsbetting revenues while the tally for Borgata Hotel Casino and Spa had hit $986,831. The total for Ocean Resort Casino, which only opened its doors on June 28, had topped $192,670 despite its sportsbook still being under development.

The short period reportedly saw the three sportsbooks take approximately $1 million in wagers regarding the outcome the 2018 World Series and next year’s Super Bowl LIII with aggregated tax revenues totaling around $300,000.

The 15-window sportsbook inside Monmouth Park Racetrack is reportedly operated by the American subordinate of London-headquartered William Hill and features an integrated sports bar alongside over 40 high-definition televisions showing a selection of live sporting events and betting lines. This same firm is additionally responsible for the 7,500 sq ft sportsbetting operation inside Ocean Resort Casino while Borgata Hotel Casino and Spa’s sports wagering facility is run under a partnership between Las Vegas-based casino giant MGM Resorts International and gaming machines and systems innovator International Game Technology (IGT).

G3Newswire furthermore reported that Meadowlands Racetrack partnered with American daily fantasy sports firm FanDuel Incorporated, which was recently acquired by Dublin-based bookmaker Paddy Power Betfair, to premiere a sportsbetting operation over the weekend while the new Hard Rock Hotel and Casino Atlantic City is awaiting official approval to launch a similar offering in association with British firm Bet365.

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Meanwhile, G3Newswire reported that New Jersey’s legal online gambling industry generated gross revenues of $22.7 million last month and paid approximately $3.9 million in taxes. The former p purportedly represented a 44th consecutive month of year-on-year increases with the sector now having contributed some $150.8 million to the state’s coffers since being born in November of 2013.

“Every sign is positive for the online gambling industry,” Steve Ruddock, an analyst for PlayNJ.com, reportedly told G3Newswire. “$30 million monthly revenues and $1 billion in lifetime revenues are within reach. The online gambling industry remains a growing force in New Jersey.”