New Jersey sports betting sees more than $16.4M wagered in June
New Jersey regulators released their first sports betting revenue numbers today from Monmouth Park racetrack and Borgata and Ocean Resorts casinos in Atlantic City.
The biggest winner was Monmouth Park Sports Book by William Hill generated a total handle of $8,176,212 for 17 days last month, with sports betting launching on June 14.
Monmouth Park had a winning percentage on sports wagering of 11.8 percent, which equates to revenue of $967,403. The average for the state was 7.8 percent on a total handle of $15,363,847. The average winning percent on sports betting in Las Vegas is 5.6 percent.
“We are extremely pleased with our numbers,” said Dennis Drazin, president and CEO of Darby Development LLC, which operates Monmouth Park. “We think they show there is a huge appetite for sports betting. To be generating these numbers early, and it’s not even football season yet, speaks enormously of the potential for when football season comes around. So we’re thrilled by the early numbers.”
The state Division of Gaming Enforcement reported that there was a $16.4 million total handle, with just $1 million of that on “futures” bets.
On the “completed events” side, 66 percent of the bets were on baseball and 14 percent on soccer (World Cup). On the futures side, 48 percent was on World Cup (including my $5 at Monmouth Park on England, which lost yesterday in the semifinals). Another 27 percent was on NFL futures, and 12 percent on who will win the World Series.
The regulators include futures bets like who will win the 2019 Super Bowl as part of sports betting gross revenue that is taxed immediately, while the winning payouts will be deducted from gross revenue next February for those bets. So sports wagering gross revenue is not revenue under the “accrual basis of accounting,” and thus not comparable to “win” at Nevada casinos.