Sports betting

New Jersey handles $1m of sports bets a day in June

DGE reveals maiden revenue figures, with Monmouth Park accounting for two-thirds of the market

New Jersey handled approximately $16m of sports bets in the first 17 days after the market went live in mid-June, according to new figures from the DGE, with operators holding 7.8% of turnover to generate $1.2m in revenues.

When accounting for futures tickets and unredeemed tickets, revenues climbed to $3.5m, although much of that revenue will be returned in future months.

The turnover was conducted almost entirely by Monmouth Park and the Borgata, both of which started business on June 14, before Ocean Resort Casino went live on June 28.

Joe Asher, CEO of William Hill, which operates the Monmouth Park sportsbook, said wagering was off to a “great start”.

“We always knew there was a big appetite for legal sports betting during the years of litigation, and now it is being proven. We are proud to be creating new jobs in New Jersey and bringing excitement to our customers. We can’t wait until football season.”

Monmouth Park took in close to $2.3m in revenues good for almost two thirds of the market.

From the Borgata, MGM’s VP of race and sports Jay Rood added: “Handle has been really strong. We haven’t seen a dropoff from the opening days. It continues to be strong. We’re pretty happy with what’s going on.”

Rood told ESPN that adding mobile betting was a priority.

Predictably given the time of year, baseball was the most popular betting sport with more than $10m wagered, followed by soccer at $2.2m then NFL futures at $281k.

Elsewhere online gaming revenues climbed 12% year-on-year to 22.7m, although that marked a significant step back from May when revenues hit $24.3m.

Poker continued to drag with revenues of $1.8m, barely ahead of its all-time market low. The figure also dipped from May’s $1.9m, suggesting shared interstate liquidity provided only a temporary bump.

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