30-second summary
- Nearly $2bn (£1.5bn) has been wagered on sporting events in New Jersey during the first nine months of operation
- Over $320m (£242m) was wagered in February
- Online and mobile sports betting industry in NJ continues to grow, being the top choice for bettors
February was a great month for the sports betting industry in New Jersey. The latest figures from the New Jersey Division of Gaming Enforcement show that players wagered over $320m on sporting events last month. Most of the action was due to the Super Bowl. Nearly $2bn has been bet in the nine months since sports betting was legalized.
February earnings
Online and mobile wagering were the top choices as wagering methods. Players placed bets online more often than they visited a casino or racetrack. In February, sports betting revenues represented nearly 26% of all wagering. Casinos cleared $12.7m (£9.6m) from bets on completed events after wins and other expenses were paid out.
In February, future bets regarding the Super Bowl were settled, meaning that money taken in by the casinos and racetracks months previous was accounted for. This helped to push a profit or loss depending on the outcome of wagers at casinos in the state. For example, the Borgata saw a loss of close to $756,000 (£571,000) for the month due to the future bets.
This month, March Madness may bring in even more revenues. The college basketball championship is quite popular among bettors. New Jersey Casino Control Commission chairman James Plousis said: “It’s clear the new gaming options and other amenities are continuing to grow the Atlantic City market.”
Overall Gambling Revenues
Breaking down the numbers for February individually, the Resorts Casino was the most successful. The casino had the best percentage increase in revenues for the month year over year. Resorts saw an increase of 24.5%, with $14.8m (£11.2m) earned.
Caesars was up as well, earning $19.4m (£14.7m), a 10.7% increase. Surprisingly, the Golden Nugget slipped to third place. The brand is usually in the top position. It was up 5.8%, though, and earning $26.5m (£20m) for February.
Harrah’s and Bally’s showed significant decreases. Harrah’s was down just over 14% with $24m (£18.1m) in earnings. Bally’s dropped just over 9% to $12.9m (£9.7m).
Large Loss for Monmouth Park
For the month, Monmouth Park’s sportsbook, operated by William Hill, saw significant losses. Just over $500,000 (£378,000) was lost, marking the worst month for the brand since New Jersey sports betting started in June.
Monmouth Park earned only $774,309 (£584,917) for the month after the losses. This is a significant drop, considering that the best month for the brand was November. Back then, the sportsbook generated $2.67m (£2.02m) in revenues.
During the month, the Super Bowl contributed to both revenues and losses for sports betting operators in the state. According to the Division of Gaming Enforcement, $4.5m (£3.4m) was lost on the game, which featured the New England Patriots and the Los Angeles Rams.