Powerful June for New Jersey sportsbetting Business

The newly-legalized sportsbetting sector in New Jersey reportedly generated some $16.4 million in wagers last month headed 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 next nation 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, that had largely limited sports wagering to Nevada. Monmouth Park Racetrack and Atlantic City’s Borgata Hotel Casino and Spa then began offering sportsbetting from June 14 while the recently-opened Ocean Resort Casino soon followed suit by launching a sportsbook of its two weeks afterwards.

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

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

The 15-window sportsbook within Monmouth Park Racetrack is allegedly operated by the American subordinate of London-headquartered William Hill and includes an incorporated sports bar alongside over 40 high-definition televisions showing a choice of live sporting events and betting lines.

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

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

“Each sign is favorable for the online gaming industry,” Steve Ruddock, an analyst for PlayNJ.com, allegedly told G3Newswire. “$30 million yearly revenues and $1 billion in lifetime revenues are in reach. The online gambling industry remains a growing force in New Jersey. ”