Sports books in New Jersey receive $40.7 million in bets

Sportsbooks in New Jersey did not disappoint in their first month of operation, and in June, they dramatically increased their bets, nearly doubling the number of sportsbooks opened to five. According to analysts at PlayNJ, such an increase was something that could have been expected and a sign of what lies ahead.

“Given the speed at which sports books are being opened in New Jersey, it’s not surprising that sales and what they pay are rising dramatically,” said Dustin Gouker, sports betting analyst at PlayENJ. “But the underlying data points are impressive. And it’s important to remember that this is the early stages of the industry. A mature, fully established New Jersey sports betting market can generate billions of dollars in betting costs per year.”

Sports books in New Jersey earned $3.8 million in July from $40.7 million in total revenue, according to an official report released Tuesday. Both indicators came from $16.4 million in total revenue generated in June.

The first full-month operation of Monmouth Park, Borgata Hotel Casino & Spa and Ocean Resort Casino (which opened on or after June 14) and the addition of two new sports books in July were key drivers of growth. 파워볼게임

FanDuel Sportsbook at Meadowlands Racetrack opened on July 14 by placing a legal sportsbook on its doorstep in New York City. Caesars Entertainment opened its sportsbook on July 30 in Bally Atlantic City, and later on August 1 in Hara’s resort of Atlantic City.

Among existing books, the Ocean Resort led the way with a total income of $1.03 million, making $33,444 per day. The Ocean Resort opened on June 28. Monmouth Park made $27,622 per day in July, aggregating its total income of $856,280. That was down from a total of $2.3 million in June, compared with $142,448 per day and just 16 days of operation. Bogata reported a total of $562,280 in July, up from $986,831 per day and $18,138 per day in June.

“Sales growth has slowed down from the existing books, but we expect it to get faster when football starts later this month,” Gooker said. “August will be fun to watch because it gives us a full monthly comparison for the first time.”

The new sports books sold well. FanDuel Sportsbook led all the books in July with a total of $1.35 million, earning $43,790 a day. Bali’s AC made $17,788.

The addition of legitimate sports books must continue. The resort is expected to open sports books in the coming days, with at least three in the planning or construction phase. In addition, DraftKings became the first online sports book to operate earlier this month.

“By the end of the year, New Jersey should probably have about a dozen online sportsbooks,” Gouker said. “As football season approaches soon, we expect the pace at which traditional and online sportsbooks are entering the market will increase.”

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