New Jersey’s sports betting market close to US$1bn mark

After six months of operations, the local market is closing in on the US$1 billion mark.

US.- Figures released on Wednesday by the New Jersey Division of Gaming Enforcement (DGE) detailed that casino and racetrack-based sportsbooks totalled over US$330 million in bets during November operations.

As the sports betting market debuted in mid-June, gamblers have been able to bet on sports for six months. In that period, the state registered US$928 million bet on sports events and the number could increase to US$1 billion before the year ends. Sports betting gross revenue was US21.1 million.

Jeff Gural, who is in charge of the Meadowlands Racetrack in East Rutherford, said that he is not surprised about the quick pace of the sports betting market. He added that he expects the track’s sportsbooks to do even better once self-serve betting kiosks are installed by the end of the month.

The DGE also revealed that total gaming revenue for November was US$257.4 million, a 24.5% increase from the US$206.4 million registered in November 2017. Casino win for November was US$2019.2 million, approximately a 12.6% increase from the same month last year. Moreover, online gaming win was US$26.9 million, up from the US$20.6 million registered in the prior period and reflecting an increase of 30.7%.

For the year-to-date, the industry’s total gaming revenue was US$2.6 billion for 2018 compared to US$2.4 billion in 2017, reflecting an increase of 7.9%. Casino win was US$2.3 billion reflecting a 3.3% increase over the prior period. Furthermore, internet gaming win increased 19.9% to US$269.7 million for 2018.