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Volume 25 No. 87

Gambling

Over the first 45 days of sports betting, a total of $57.1M has been wagered in the state
Photo: GETTY IMAGES

New Jersey sports books produced $3.8M in gross revenue from $40.7M in wagers during July -- the "first full month of gambling on sporting events in the state" -- compared to $3.5M in gross revenue generated on $16.4M in wagers completed in June, according to Stephen Edelson of the ASBURY PARK PRESS. Over the "first 45 days of sports betting," a total of $57.1M has "been wagered" in the state. While the FanDuel Sportsbook at The Meadowlands Racetrack "didn't open its doors until July 14, it generated a state-best $1,357,477 in gross revenues." The sports book "produced average daily revenues of $75,415" through the end of July, "by far the best in the state." The Monmouth Park Sports Book by William Hill, which "had been the top producing sports book during the final 17 days of June after becoming the first sports book to accept wagers on June 14, saw its number tumble dramatically." Monmouth Park "had gross revenues of $856,280 for July, compared with $2,279,166 for the second half of June" (ASBURY PARK PRESS, 8/15). The AP's Wayne Parry noted Monmouth Park "has won" $3.1M since mid-June. William Hill U.S. CEO Joe Asher said he is ‘‘thrilled with the early numbers" at both Monmouth Park and the Ocean Resort Casino. Asher: "They are clearly exceeding our expectations of where we thought we would be at this early stage. There’s no doubt the New Jersey sports betting market has a lot of potential" (AP, 8/14).