Sports Betting has proven to be a lucrative program for the state of New Jersey, as it was reported by the state’s Division of Gaming Enforcement that two casinos and a racetrack took in $16.4 million in sports bets during the first two weeks that such wagers were legal in the state.
According to figures released, Borgata and Ocean Resort casinos in Atlantic City, and the Monmouth Park racetrack in Oceanport, saw gross sports betting revenue of almost $3.5 million on those bets.
However, regulators have warned that bets that involve future outcomes, such as the winner of baseball’s World Series or football’s Super Bowl, will not be paid out for a number of months. A little more than $1 million was wagered on such bets.
The casinos and the track, which are the only places currently legally taking sports bets, retained 7.8% of the amount wagered, or approximately $1.2 million of completed events that were the subject of betting.
Monmouth Park took the largest share of sports betting revenue, at almost $2.3 million, while Borgata saw $986,831 and Ocean Resort which only had two days of sports betting last month after opening on 28th June, saw $192,671.
The Chief Executive Officer of William Hill US, Joe Asher, commented that they always knew there was a big appetite for legal sports betting during the years of litigation, and now it has been proven.
Marcus Glover, President at Borgata, said that he is encouraged by the response to Sports Betting during a time when baseball and soccer’s World Cup were the main offerings.