- New Jersey successfully challenged PASPA, fighting for states’ rights in regards to legal sports betting, on May 14, 2018.
- The legal bet in New Jersey was made on June 14, 2018, by Governor Phil Murphy at Monmouth Park.
- New Jersey has collected more tax revenue than Nevada from sports betting over the last 12 months.
ATLANTIC CITY, N.J. – Friday marks the one-year anniversary that legal New Jersey sports betting has been active.
The industry increased rapidly, from the launch of the Borgata Hotel Casino & Spa Atlantic City and Monmouth Park sportsbooks on June 14, 2018, to having ten state-licensed casinos and racetracks operating dozens of land-based and online sportsbooks throughout the state.
A year ago, nearly $16.5 million was wagered at these two venues in the two weeks of operation during June (including 3 days of action at Ocean Casino Resort ). The following month, the books watched over $40 million enter the system. Now, the sportsbooks have surpassed a monthly betting handle of $313 million for seven straight months.
According to data collected by New Jersey’s Division of Gaming Enforcement, sports bettors in New Jersey have wagered $41,932,950 shy of $3 billion in the state’s first 12 months of action.
Bettors are showing no signs of slowing down either, as they have bet $1.7 billion on sports since the start of the year (to May), which includes over $1 billion in Q1 alone.
But all of the legal sports betting action entering the books isn’t set to stay there. Besides the bettors taking home over $2.76 billion in winning wagers over the first twelve months, the books must also contribute a monthly tax. Of the near $200 million in revenue the books collected, about $23 million of that was sent straight to New Jersey.
Legal New Jersey Sports Betting Milestones During Year 1
- June 2018: Monmouth Park brings in $2.28 million in revenue in their first two weeks of operations.
- July 2018: Ocean Casino and the Meadowlands enter the scene, both compiling over $1 million in monthly revenue.
- August 2018: Online betting begins, instantly making Resorts Casino Hotel the revenue leader amongst sportsbooks.
- September 2018: The state receives over $2.5 million in taxes, marking the first monthly contribution over $1 million.
- October 2018: The monthly betting handle exceeds $250 million for the first time (stands as the last time it was under $300 million as well).
- November 2018: Harrah’s Resort Atlantic City reports the first-ever negative earnings for a month, losing $124,260.
- December 2018: Hard Rock Hotel & Casino in Atlantic City enters the scene, becoming the last sportsbook to launch operations in New Jersey.
- January 2019: The highest monthly betting handle was recorded at $385,279,662.
- February 2019: Seven land-based sportsbooks report negative earnings for the month, mainly from Super Bowl bettors.
- March, 2019: Sportsbook revenues and tax contributions hit an all-time monthly high at $31,669,387 and $3,783,604, respectively.
- April 2019: The $2.5 billion all-time betting handle mark gets surpassed.
- May 2019: Besides February’s negative earnings, revenue from land-based sports betting hits an all-time low at $154,430.
News tags: Anniversary | Borgata Hotel Casino Spa Atlantic City | Hard Rock Hotel Casino Atlantic City | Harrah’s Resort Atlantic City | Monmouth Park | New Jersey | New sportsbooks | NJDGE | Ocean Casino Resort Atlantic City | PASPA | Resorts Casino Atlantic City | Revenue | sportsbooks | The Meadowlands
Michael began writing as an NBA content writer and has spent time scouting college basketball for Florida State University under Leonard Hamilton and the University of Alabama under Anthony Grant. A graduate of both schools, he covers topics focused on legal sports betting, betting odds, and casino reviews. Michael likes to golf, play basketball, hike, and kayak when not glued to the TV watching NBA games.