New Jersey sports betting revenue on a rise

  • New Jersey set the national record of the largest betting handle by sports gamblers in a single month in August with $668 million spent.
  • The record was set in a month with a return of major sports to bet on including the MLB and playoffs for NBA and NHL.
  • Even with the large amount of money spent by bettors, a majority of live casinos are still dealing with decreases in monthly revenue.

ATLANTIC CITY, N.J – New Jersey sports gamblers have set the national record for having the most money bet on sports in a single month for the month of August.

With almost $668 million spent in wagers, sports bettors joined the surge of betting due to the restart of the MLB, NBA, and NHL seasons that were delayed or cut short because of the coronavirus pandemic.

The last state to hold this record was Nevada for November 2019 with $614 million. New Jersey sports betting not only broke Nevada’s national record but also broke the state record of $562 million in a single month.

The burst in revenue significantly benefits the state that is still suffering from the losses over the past month directly related to the COVID-19 shutdowns.

“Recovery is underway, even with continuing travel advisories that decreased visits from out of state,” said James Plousis, chairman of the New Jersey Casino Control Commission. “Atlantic City’s casino win was almost 70 percent of last August’s strong performance, although the months are not reasonably comparable because of restrictions on capacity, amenities, and entertainment.”

This year August gave legal sports bettors a whole month of baseball along with the chance to bet on hockey and basketball playoffs.

New Jersey online gambling made $87.7 million which is up twice as much as last year while casinos and tracks made $39.5 million after paying off winning bets in August according to the Division of Gaming Enforcement.

Because of the health crisis, the live casinos are still suffering in revenue amounts even with this record-breaking month. Ocean Resort and the Golden Nugget were the only casinos to post year-over-year increases to their monthly revenue.

“Our year-over-year gaming revenue increase is a testament to the momentum Ocean created prior to the closure, which immediately resumed upon reopening in July,” Terry Glebocki, Ocean’s CEO, said in a statement. “We are pleased with our August performance despite a less favorable calendar, ongoing restrictions on occupancy, and the lack of indoor dining until early September.”

Ocean Resort rose 3.7% to $26.6 million, the Golden Nugget rose 2.5% to $37 million, but all other New Jersey casinos declined in revenue with all of them down anywhere from 3.5% to 31.4%.

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