Sports betting posts good performance in New Jersey

New Jersey has seen US$3.2 billion wagered ever since its sports betting market opened last year.

US.- Figures released by the New Jersey Division of Gaming Enforcement (DGE) on Friday indicate that the local casinos and racetracks handled US$273 million in bets last month. These results also show that in just a year, New Jersey has registered US$3.2 billion in sports bets.

New Jersey started accepting its first legal bets on June 14, 2018. In just one year, the state has accepted US$3.2 billion in bets, which challenges Nevada as the nationwide leader when it comes to sports betting. Nevada is historically the best sports betting performer.

Collectively, the two racetracks and the casinos in the state authorised to offer sports bets won approximately US$284 million in June. This figure represents a 21.5% increase over the same period a year ago.

Jeff Gural, operator of the Meadowlands Racetrack in East Rutherford, said: “I am frankly shocked at how well we have done.” The racetrack totalled US$58 million in sports betting revenue, which is more than what the entire Atlantic City casino industry earned.

“I expect that in this calendar year we will do US$500 million (in betting volume), which makes us the biggest in the world. We totally dominate New Jersey, and as long as New York decides to force their residents to either bet illegally or drive to New Jersey, now that we have self-bet terminals available for the football season and American Dream opening next door, I would expect to see our revenues continue to grow,” he said.

According to Las Vegas Review-Journal, managing director of Eilers & Krejcik Gaming Chris Grove said: “In all likelihood, New Jersey is just getting started. We project that the state will eventually generate some half a billion dollars annually from sports betting.”