New Jersey sports betting climbs to $3 billion
New Jersey gamblers plunked down more than $3 billion on sports in the first full year that it became legal, helping the state challenge Nevada for the nationwide lead in the fast-growing industry.
Figures released Friday by the state Division of Gaming Enforcement show the state’s casinos and racetracks handled $273 million worth of bets in June.
Since the state’s first bets were taken on June 14, 2018, New Jersey has seen $3.2 billion wagered.
In May, New Jersey edged ahead of Nevada in the amount of monthly sports bets placed, with $318.9 million wagered, about $1.5 million more than Nevada, whose June statistics will be released later this month.
Including casino gambling money, New Jersey’s casinos and two horse tracks that offer sports betting collectively won nearly $284 million in June, up 21.5% from a year ago.
“I am frankly shocked at how well we have done,” said Jeff Gural, operator of the Meadowlands Racetrack in East Rutherford, just outside New York City. The track has earned nearly $58 million in sports betting revenue after winning bets have been paid out – more than the entire Atlantic City casino industry combined.
“I expect that in this calendar year we will do $500 million (in betting volume), which makes us the biggest in the world. We totally dominate New Jersey, and as long as New York decides to force their residents to either bet illegally or drive to New Jersey, now that we have self-bet terminals available for the football season and American Dream opening next door, I would expect to see our revenues continue to grow,” Gural said, referring to a massive entertainment and retail complex.