New Jersey takes in $40.6 million in sports bets in July
On Tuesday, the New Jersey Division of Gaming Enforcement released the sports betting numbers for July, the first full month of gambling on sporting events in the state.
And while the FanDuel Sportsbook didn’t open its doors until July 14, it generated a state-best $1,357,477 in gross revenues. New Jersey’s 8.5 percent tax amounted to $115,386.
The 5,300-square-foot facility at the Meadowlands produced average daily revenues of $75,415 through the end of the month, by far the best in the state. And the Meadowlands did not benefit from World Cup soccer action.
In a statement, FanDuel said: “We are very pleased with the first month of the FanDuel Sportsbook in New Jersey. We are thrilled that customers are enjoying their experience at the FanDuel Sportsbook at the New Meadowlands Racetrack, and are excited to commence the football season and the opening of our permanent facility.”
The Monmouth Park Sports Book by William Hill, which had been the top producing sports book during the final 17 days of June after becoming the first sports book to accept wagers on June 14, saw its number tumble dramatically.
The Oceanport race track had gross revenues of $856,280 for July, compared with $2,279,166 for the second half of June. That gives Monmouth Park year-to-date revenues of $3,135,446.
According to Monmouth Park chairman and CEO Dennis Drazin, some of the decline can be attributed to a large number of future wagers placed in June, on things like the NFL and Major League Baseball, counted in the figures for that month.
“I think it went terrific,” he said. “We were expecting there to be a lull during the All-Star break when there’s not a lot of content to bet on. Our Vegas partner (William Hill) said historically that’s the worst week of the entire year. And frankly I didn’t expect to see a lot of play on preseason football. Really, the big time will be when we get back to real football season, but we’re happy with the way the book is doing.”
In all, the state’s sports books produced $3.8 million in gross revenue from $40.7 million in wagers for the month, according to the DGE. In June, sports books had $3.5 million in gross revenue generated on $16.4 million in wagers completed.
Over the first 45 days of sports betting, a total of $57.1 million has been wagered.
The Ocean Resorts Casino, which also partnered with William Hill, generated gross revenues of $1,036,766.
In breaking down the numbers for the state since the start of sports betting, some $36,315,006 has been wagered on baseball, with a win percentage of 4.9 percent for the sports books. Basketball has produced $1,051,300 in wagers, with a 0.2 win percentage, while football has a winning percentage of 19 percent on just $160,187 wagered. Some $17,909,565 has been bet on all other events, with house winning at a 7.9 percent clip.
The state’s newest gaming industry is gearing up for the start of football season, with NFL and college football driving sports betting in Las Vegas. That’s when everyone will have a better idea of what sports betting will mean in terms of profits.
“We’re pressing forward and spending more money to get ready for football season, adding a big screen TV board that’s almost 75 feet long,” Drazin said. “Plus a bunch of 75 inch screens and more furniture to make it comfortable for everyone.”