New Jersey Sports Betting enjoys revenue boost
New Jersey gambling operators accepted a whopping $293 million in sports bets from gamblers, which helped Garden State operators experience a 16 percent revenue increase in August.
The New Jersey Division of Gaming Enforcement released numbers that showed the state’s nine casinos and two land-based sportsbooks won $352.8 million in August. It was the 15th straight month that the state saw double-digit growth in gaming revenue.
Of the $293 million wagered, the sportsbooks netted $25.2 million, which was a 174 percent increase from last August. Sportsbooks secured $9.2 million in profit a year ago.
Most of this year’s profit came from the FanDuel Sportsbook at the Meadowlands Racetrack, which reported $11.87 million in revenue. It was nearly four times as much as they reported in August 2018.
In terms of sports betting, New Jersey has cemented itself as the place to be on the east coast and could make a run at Nevada for the top spot in the country. In May, New Jersey reported a larger sports betting handle than the Silver State. It was the first time ever that a state other than Nevada held the biggest sports betting handle in the nation.
Nearly every casino across the board saw revenue increases in August. Harrah’s was the only casino who experienced a less than one percent decline when they took in $31.1 million in total gaming revenue.
As always, Borgata was the state’s top earner with revenue of $71.9 million, up 1.5 percent year-over-year. Ocean Resort and Hard Rock Atlantic City, the state’s two newest casinos, saw the biggest year-over-year increase. Hard Rock’s revenue spiked 25 percent and Ocean’s increased 22.7 percent.
With those two casinos having been open for more than a year, it is reasonable to expect those drastic increases to stay intact for the next few months before leveling off as the market matures. The only other double-digit increase was Caesars with a 10.6 percent jump in revenue.
Golden Nugget was the state’s top earner online, raking in just shy of $15 million from their online gaming sites.