New Jersey Sports Betting Handle Exceeds $1B For '18
The "total handle for sports betting" in N.J. for '18 moved reached $1.24B, though the numbers "flattened out during December after a record-setting November in sports books around the state and online," according to Stephen Edelson of the ASBURY PARK PRESS. That means that there is "even more importance on producing big numbers" off Super Bowl LIII. The "total handle in the state fell" from $330.7M in November to $319.2M in December, a 3.5% decline. Gross revenues also "fell" from $21.2M to $20.8M. At the Monmouth Park Sports Book by William Hill, "gross revenues" were $2.3M, "down from a record" $2.6M at the track in November. About $12.4M was generated in '18 by "sports betting at Monmouth Park" (ASBURY PARK PRESS, 1/15). In Atlantic City, David Danzis in a front-page piece notes the opening of two "new casino properties, the introduction of legalized sports betting and the continuous growth of internet wagering all contributed to a total gaming revenue increase of nearly" 8% in New Jersey from '17 to '18. In December, the gaming industry generated $247.4M in revenue, a nearly 20% "increase over the same month" in '17. Sports betting, which "went into effect in June throughout the Garden State," accounted for $9.3M in revenue in December for Atlantic City's casino properties. Sports betting revenue for December was reportedly $20.8M, including the "two licensed racetracks" in the state. Since June, more than $1.24B has been "wagered on sports either at a casino, a racetrack or through an online/mobile betting platform." In December alone, more than $319M was "bet on sports" in the state (PRESS OF ATLANTIC CITY, 1/15). Among "racetracks offering sports betting," the Meadowlands earned $31.3M in sports betting revenue for the year (AP, 1/14).