July was the first full month for legal sports betting in New Jersey and the five establishments that offer this new way to wager scored big, hauling in $40.7 million, with gross revenues of $3.8 million. The equivalent figures for June were $16.4 million and $3.5 million respectively.
Sports betting became legal in the state on June 11 and only two establishments, the Borgata and the Ocean Resort casinos in Atlantic City, got going shortly thereafter. The five sportsbooks now open are operated by Monmouth Park and Meadowlands racetracks, the Borgata and Ocean Resort casinos, as well as Caesar’s Entertainment which opened a sportsbook at Bally’s Atlantic City on July 30.
It’s “important to remember that this is the industry’s infancy. A mature, fully established New Jersey sports betting market could field billions of dollars in annual wagers,” said Dustin Gouker, lead sports betting analyst for PlayNJ.com. More operators are expected to open sportsbooks in the state soon.