July 12, 2018 - Brett Smiley
Three New Jersey Sportsbooks Collects $3.4M in First Half-Month
The post Three New Jersey Sportsbooks Collects $3.4M in First Half-Month appeared first on SportsHandle. New Jersey sports betting went live on June 14 at Monmouth Park in Oceanport and at the MGM-owned Borgata Resort Casino in Atlantic City, and the first month of operations has shown that the state’s costly fight for legal sports betting will be well worth with it. The New Jersey Division of Gaming Enforcement on Thursday released the first batch of sports betting revenue figures, which are based on a cash method of accounting, not on an accrual method as in Nevada, showing the three separate locations operating in June took in a collective $3,458,688, producing $293,863 in tax revenue for the state of New Jersey. That’s based on a total handle of $16.4 million across the same properties. Those figures come with an 8.5 percent tax rate. Mobile sports wagering tax rate is 13 percent, which is likely to begin at a few properties set to roll out their apps/online platforms in the coming weeks. Anyone in state can set up an account remotely and deposit without having to register in person at a licensee. New Jersey Sports Betting Numbers and Handle From First Weeks of Live Operations Show Big Win. Keep in mind the $3.4 million is based on a cash method of accounting, which counts as revenue wagers on futures events such as the World Cup and Super Bowl winner. According to the DGE, “$1.2 million in gross revenue was reported from Completed Events, which approximates accrual basis revenue that can be compared to the win reported of Nevada casinos.” The total handle across the three locations was $16.4 million. Here’s more of the breakdown:
https://twitter.com/sports_handle/status/1017469062279057408?ref_src=twsrc%5Etfw https://twitter.com/sports_handle/status/1017471577015930881?ref_src=twsrc%5EtfwAlso keep in mind that Ocean Resort, a property formerly known as Revel, only opened on June 28, meaning it produced its handle and hold in three days. People had a nice time betting on baseball! It represents $10.1 million of the $16.4 million in handle:
https://twitter.com/sports_handle/status/1017472426966429698?ref_src=twsrc%5EtfwFurther consider that mobile wagering has not yet begun, which will be coming soon through William Hill and the Borgata. Sources say that the MGM-owned Borgata’s mobile app will be introduced next week. These numbers are pretty, pretty good, considering only baseball and soccer events (with some other events such as UFC 226) were occurring during this half-month stretch. Welcome to the game, New Jersey, and Garden State sports bettors. This is story is developing and will be updated. [Also See: What to Expect at the Meadowlands’ FanDuel Sportsbook Launch] The post Three New Jersey Sportsbooks Collects $3.4M in First Half-Month appeared first on SportsHandle.