The first full month of operation for Monmouth Park, Borgata Hotel Casino and Spa, and Ocean Resort Casino — which all opened June 14 or later and the addition of two new sportsbooks in July- were the key drivers to the growth.
FanDuel Sportsbook at Meadowlands Racetrack opened on July 14, placing a legal sportsbook on the doorstep of New York City. Caesar’s Entertainment opened the sportsbook at Bally’s – Atlantic City on July 30, and later opened the book at Harrah’s Resort Atlantic City on August 1.
Of the existing sportbooks, Ocean Resort (opened 28 June) led the way with US$1.03m in gross revenue by generating US$33,444 per day. Monmouth Park tallied US$856,280 in July gross revenue, generating US$27,622 per day. Borgata tallied US$562,280 in July revenue, with US$18,138 per day.
Resorts Casino Hotel held a ribbon cutting ceremony yesterday (August 15), to commemorate the opening of its first sports book on-property. The Resorts Sports Book opens to the public just in time for the fall sports season with six featured betting windows.
Dustin Gouker, lead sports betting analyst for PlayNJ, said: “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. 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.”
“August will be fun to watch, as it will give us our first full month-over-month comparisons,” Gouker added.
The addition of legal sportsbooks should only continue. Resorts is expected to open its sportsbook in days, and at least three more are in either the planning or construction phases. In addition, DraftKings became the first operational online sportsbook earlier this month.
“By the end of the year, New Jersey should have perhaps as many as a dozen online sportsbooks. With football season coming soon, we expect the pace of conventional and online sportsbooks entering the market to only increase,” Gouker said.
Research by the American Gaming Association suggests that sportsbetting is bringing new customers to casinos with sports betting adults being more affluent, younger, more diverse and better educated adults than the general population.
“The Nielsen Sports data supports what we’ve long expected: access to legal sports wagering will increase fan engagement in major sport contests and enable a significant revenue generation opportunity for major sports leagues and teams,” said Sara Slane, senior vice president of public affairs for the American Gaming Association.
Source: GMB
