The first full month of sports betting revenue is in, and it appears one newly opened operation is primed for a heck of a football season.
The New Jersey Division of Gaming Enforcement released figures from NJ sports betting in July, and in just two weeks of accepting wagers, Meadowlands Racetrack reported a whopping $1,357,477 in gross revenue. That sits more than $300,000 above runner-up Ocean Resort Casino.
As a whole, the five operating sportsbooks in the Garden State combined for $3,831,141 in NJ sports betting revenue, which is just a tad above the $3,458,688 reported by three live books across 17 days in June.
While the DGE doesn’t post individual handle per sportsbook, total handle up through July 31 sits at $57,091,856. June’s sports betting handle was $16,409,619, so basic subtraction gives us a July handle of $40,682,237.
Breaking down the numbers
Meadowlands fast-tracked its opening date, courtesy of New York failing to get a regulatory wagering framework in place. With its FanDuel Sportsbook in place, Meadowlands debuted its digs July 14 in East Rutherford.
The result is promising for the facility that sits just across the street from MetLife Stadium. In just two weeks, the racetrack posted more than $1.3 million in gross revenue. With football season just a few weeks away, it is safe to assume that number will only grow.
Ocean Resort, which opened June 28, only had a few days to report ($192,671) in June. In July, the new casino posted $1,036,766. Monmouth Park reported $856,280, and Borgata totaled $562,830.
Similar to Ocean Resort, Bally’s had only a few days to work with this past month. Its Wild Wild West casino opened the sportsbook July 30 and reported $17,788 in gross revenue.
Are you ready for some football?
This summer has gradually built up to the fall. Why? Simple: football season.
Knowing it had the potential for a revenue boom, DGE director David Rebuck imposed a deadline midway through July. For casinos and racetracks that wished to offer regulated wagering by the fall, they had to beat the clock to submit their sports betting plans.
It was not just a wake-up call for NJ properties. It was also a heads-up for the DGE. After all, consider all that has transpired within the last month.
After only three Garden State facilities offered regulated wagering in June (Monmouth Park, Borgata and Ocean Resort Casino), another pair (Meadowlands and Bally’s) went live last month.
August should kick the NJ sports betting industry into another gear heading into football season.
Harrah’s debuted its operations Aug. 1, and Resorts is expected to open its sportsbook Wednesday. A sportsbook is reportedly planned for Golden Nugget, which will use its old poker room space for wagering.
Jersey goes mobile
Even online, the cogs are in motion.
The DraftKings Sportsbook app soft-launched Aug. 1 (and was introduced to the public a week later). MGM Resorts is still waiting to green-light its playMGM mobile sports betting offering, while Caesars Entertainment expects to launch its Caesars Casino & Sports app prior to football season.
All of this adds up to a generous spike in sports betting revenue following opening kickoff.