New Casinos and Sports Betting Help Lift New Jersey August Gaming Returns

Sports Betting Casinos In New Jersey Updates

All is well in New Jersey for the gambling business with the openings of new casinos a long with sports betting which helped boost overall gaming revenues in the month of August. The State gambling figures divulge an increase of 22.5%, compared with the same period last year. Last month, total gambling revenues in the Garden State climbed above $300m, a significant increase on the $244.8m earned in the same month last year. The totals include online gaming, sports betting and land-based gaming revenues.

August’s overall gaming totals increased as a result of numerous dynamics, including new gaming venues and online gaming. The Ocean Resort Casino and the Hard Rock Hotel & Casino Atlantic City opened in June this year, so their August revenues obviously helped to increase the overall numbers. Last month, the two resorts generated just over $51m combined. Hard Rock contributed $31.25m of that total while Ocean Resort earned $20.5m.

Online gambling was to some extent down compared with July, coming in at $24.8m in August. Conversely, the earnings were 16.6% higher than August of 2017. Year to date, online gambling is steadily approaching the $200m mark, having already spawned $190m. The Golden Nugget, the uppermost operative when it comes to online gaming in the state, saw a huge increase in earnings in the twelve months to August 2018. The property was up 49.5%, with just over $8.1m earned for the month.

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New Jersey Division of Gaming Enforcement director, David Rebuck, said: “With the new casinos that opened in June and the addition of sports wagering options, including online alternatives, the gaming industry has experienced growth rates in July and August that have not been achieved in years. It is an exciting time for Atlantic City and we look forward to continued revenue growth going forward.”

August was also lucrative for the sports betting commerce, with $95.6m in bets waged. This amount is more than double that was ventured in July. Indeed, the relatively new industry is flourishing, as more land-based venues begin to offer services, as well as online and mobile sectors coming in to play. According to last month’s figures, close to $74m of the wagers placed were completed at onsite betting windows like Bovada Sportsbook. Online and mobile app wagers came in at $21.7m.

It is expected that these numbers will only continue to grow, particularly the online wagers, as more operators begin to offer online betting services. For sports betting revenues, the Meadowlands Racetrack came out on top in August, earning more than $3m for the month. Next was Resorts Digital, which generated $2.97m. These two operators dominate the sports betting sector.

Earnings from here on out are much lower. Monmouth Park racetrack brought in close to $900,000 in sports betting revenues, while the Borgata Casino was not far behind with $855,000. Ocean Resort Casino earned just over $500,000 while Harrah’s closed in on the $300,000 mark. Bally’s was not far behind with $270,000 and the Golden Nugget earned $215,000. Resorts Casino came in last with a little over $98,000.

So far in 2018, sports betting operators have won just over $16m on sports wagers. A portion of that number was taken in for wagers on games that have not played out yet, such as the World Series of baseball and the giant of the sport event in the Super Bowl.

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