More than $16 million.
The state’s sportsbooks collected $1.2 million in win from more than $15 million wagers on completed sporting events. Let’s get more into the data.
Breaking down the NJ sports betting numbers
The report held some quite interesting results, but first, a few definitions to help break down the data.
- Handle: The total dollar amount of all wagers
- Revenue: Handle – settled wager payouts + unsettled futures bets + unclaimed winning wagers
- Win: Revenue – unsettled futures bets – unclaimed winning wagers
These definitions are a bit more complicated in New Jersey than in Nevada or Delaware. The complication stems from how New Jersey addresses the accounting, which only allows wagers that have settled to count against revenue.
Now that everything is defined, we can report that New Jersey bettors wagered $16.4 million on sports in the 17 days of June when sports betting was available. Of that $16.4 million, sportsbooks recognized revenue of nearly $3.5 million and captured a win of $1.2 million.
There are only three sportsbooks operating at this time — Borgata, Monmouth Park, and Ocean Resort. Below are the revenue numbers for each property. Bear in mind that Ocean Resort was open for all of two days before June ended.
Also, the state has no online wagering so far.
The meaning of the NJ numbers
If we extrapolate these overall figures to a 30-day month, then the June numbers for all the sportsbooks would be:
- Handle: $28,958,151
- Revenue: $6,103,532
- Win: $2,550,900
There are only two other states that offer full-fledged sports betting at this time. Obviously, Nevada is miles beyond New Jersey or Delaware’s numbers — its handle for May 2018 was almost 20 times greater than New Jersey’s June numbers.
It’s early: Don’t panic for NJ sports betting
Obviously, these first numbers for NJ sports betting revenue are well short of those kinds of projections. However, the prudent reaction would be patience.
The numbers only cover the first 17 days of service, and they came during a slow period for the US sports calendar (no football or basketball). And we have yet to see the first NJ online sports betting sites or mobile apps launch. These should create a lot more handle and revenue.
Several other properties will likely come online in the next month or two as well. Notably, the Meadowlands Racetrack will open its sportsbook on July 14.
The Meadowlands is located a scant six miles from New York City. Since New York’s legislature failed to pass a sports betting bill, it is likely that droves of New Yorkers will cross the river as soon as they can.
The more time that sports betting is active, the more advertising and word-of-mouth that will occur as well. As awareness increases, so will the levels of betting.
The bottom line: Expect more betting and more revenue in future months.