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Sports bettors in New Jersey generated more than $3.8 million in total revenue for the group of five operators running sportsbooks in July.
The Division of Gaming Enforcement released its monthly report Tuesday, providing the second update since NJ sports betting went live in June. The first report covered just 17 days, so July’s data represents the first full month of revenue.
The previous report included revenue from just three retail sportsbooks, a number that has since grown to five. The first-ever FanDuel Sportsbook opened on July 14, and Bally’s caught the tail end of the report with its July 30 opening.
The monthly report features that fearsome fivesome of operators.
|Property||July Revenue||June Revenue||YTD Revenue|
|Ocean Resort Casino||$1,036,766||$192,671||$1,229,436|
Reminder: Revenue is what’s left after sportsbooks pay out the winning tickets — the gross profit. Handle refers to the total amount of all wagers.
Handle is not itemized within the data, but the DGE data does let us infer the total for July: $40,682,237. Add that to June’s number ($16,409,619), and rolling handle through July 31 comes to $57,091,856.
NJ reporting is different than Nevada sports betting, in that outstanding tickets are included as revenue in the current month. The DGE does separate those bets, though, revealing that sportsbooks held 5.8 percent of settled wagers — about on par with Nevada’s historical average.
Trying to read too much into these numbers comes with many familiar caveats. These are still the earliest days for NJ sports betting, and online/mobile wagering were not yet available at the time of the report.
We can take a few things away, though.
First of all, it’s clear that the honeymoon stage is over for Monmouth Park. It shot out to an early lead in June, drawing a huge crowd for opening day. As the competition has filled in, however, bettors seem to be taking fewer trips to Oceanport. The track’s sports betting revenue fell more than 60 percent in July, despite having nearly twice as many days of operation.
The other NJ horse racing track has taken the market by storm.
Meadowlands opened its FanDuel-branded sportsbook in mid-July, providing the most convenient option for New York City residents. The property quickly took the market lead, with $1,357,477 in July revenue representing more than a third of the state’s total.
Comparing per-day revenue for the five operators illustrates the disparity:
That Borgata number is especially disappointing considering it is, by far, the top-earning Atlantic City casino. For now, it can only offer a temporary sportsbook tucked in the corner of the building, inside of what used to be a dedicated racebook.
The August report will include at least two additional retail sportsbooks.
Harrah’s opened its facility on the first of the month, just two days after Bally’s. Both casinos are owned by Caesars, which has a new partnership with Scientific Games to power its NJ operations.
Resorts AC also announced that it will open its sportsbook this week, which would bring the count to seven. Resorts will use SBTech to supply its in-house platform, and it has branding partnerships with both DraftKings and BetStars.
Speaking of partners, those in the virtual realm will become quite relevant in the August report, too.
Online and mobile wagering are now live thanks to DraftKings Sportsbook, creating a new category of revenue. The product launched on Aug. 1, and it’s still the only online/mobile sportsbook on the market in NJ. That will likely change before the next report, and mobile betting should drive the majority of revenue once the market fills out.
It’s also worth noting that July is the leanest month of the US sports calendar. Baseball is the only one of the four major sports in season during the summer, and sports betting revenue reflects the lull. August’s report will capture some early preseason NFL action, likely marking the start of a months-long surge.