New Jersey’s sportsbooks did not disappoint in its first full month of operation, increasing wagers in June while nearly doubling the number of open sportsbooks to five. Such an increase was to be expected and a sign of what lies ahead, according to analysts for PlayNJ.com.
“Considering the rate at which sportsbooks are opening in New Jersey, it is certainly not surprising to see a steep increase in revenue and the amount of money wagered,” said Dustin Gouker, lead sports betting analyst for PlayNJ.com. “The underlying data points are impressive, though. And 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.”
New Jersey’s sportsbooks generated $3.8 million in gross revenue on $40.7 million in wagers in July, according official reporting recently released. Both metrics are up from the $3.5 million in gross revenue generated in June on $16.4 million in wagers completed.
The first full month of operation for Monmouth Park, Borgata, and Ocean Resort Casino, which all opened June 14 or later, and the addition of two new sportsbooks in July were reportedly the key drivers to the growth.
Of the existing books, Ocean Resort led the way with $1.03 million in gross revenue by generating $33,444 per day. Monmouth Park tallied $856,280 in July gross revenue, generating $27,622 per day. That was down from $142,448 per day in June and $2.3 million in gross revenue in 16 days of operation. Borgata tallied $562,280 in July revenue, up from $986,831 in June, and $18,138 per day.
“Revenue growth slowed at the existing books, but we expect it to hasten once football begins later this month,” Gouker said. “August will be fun to watch, as it will give us our first full month-over-month comparisons.”
The new sportsbooks fared well. FanDuel Sportsbook posted $1.35 million in July gross revenue, leading all books by generating $43,790 per day. Bally’s AC generated $17,788.
“By the end of the year, New Jersey should have perhaps as many as a dozen online sportsbooks,” Gouker said. “With football season coming soon, we expect the pace of conventional and online sportsbooks entering the market to only increase.”