DraftKings Sportsbook Fully Launches

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The DraftKings Sportsbook soft launch period is over and is now open to all players in New Jersey, the company announced on Monday. On Wednesday, August 1, the DFS-turned-sportsbook operator’s mobile sports betting app/web platform went live on an invite-only basis, the first such app available amongst the New Jersey sports betting licensees.

“I am excited to begin this new chapter in our story by officially launching what I believe to be the most innovative, mobile sports betting product in the U.S.,” said Jason Robins, CEO and co-founder of DraftKings. “We have put immense thought and significant resources behind the development of DraftKings Sportsbook and I’m confident that sports fans in New Jersey will enjoy using it to make the experience of watching the games even more interesting and thrilling.”

The initial launch period was met with some positive reviews — mostly of the technology — and some negativity, mostly of its pricing. Going forward, there’s room for upgrades on both fronts.

DraftKings Sportsbook Goes Live to Masses After Becoming First NJ Online Sportsbook to Launch Last Week; A Look What You’ll See & Some Notes

On its hours-old Twitter handle @DKSportsbook, the company was quick to notify people that you don’t have to be among the 9 million New Jersey residents to use the book (or roughly 6.75 million ages 21 and up):

 

The soft launch period served to allow testing of its product and servers, flagging and ironing of glitches, and we presume collect some data on its initial user cohort.

During an opportunity to play around and wager on Friday and Saturday, we made some observations:

 


Those taking their first spin today will find a variety of props on baseball (below), and those throughout the country not yet able to check it out will eventually find the same options:

  • Total runs odd/even
  • Pre-made parlays, such as: “home team and over”
  • Team with the highest scoring inning
  • Last team to score
  • Team totals (runs scored)
  • Result of first inning (one or the other team will score or tie)

And the ability to bet on a wide variety of sports/events, including ATP-Rogers Cup, PGA Championship, Rugby Union, motorsports (Belgian GP), darts, cricket, and NCAA football futures, such as conference winner.

One not-yet-mentioned feature I like is that inputting bets both on mobile and desktop is pretty seamless: You put the bet in and hit “Place Bet.” You don’t have to re-enter your password or anything, which in the case of live-betting or halftime/quarter betting, can result in missing the window.

draftkings sportsbook review

The main drawback? The prices/juice is for the most part higher than at Las Vegas sportsbooks and offshores offer.

Critics have been loud on this front, but the reality is — there is a cost of doing business and playing in legal, regulated markets. DraftKings and the other legal NJ sportsbooks will have to pay 13 percent of gross revenues to the state of New Jersey.  And this is why Pennsylvania absolutely must reconsider the ludicrous fees ($10 million just to get a license) and taxes (36 percent) imposed by its sports betting legislation. 

Compared with zero percent in offshore markets. That money must come from somewhere. The Las Vegas books today mostly have 10, 15 or in some cases 20-cent money lines for baseball. On the DK sportsbook, they range between 15 and 30 cents.

Online Competition Coming

 

None of MGM, Caesars or William Hill is yet live with their mobile/web offerings in New Jersey. Expect those soon, as well as from the other NJ sportsbooks launching in retail soon, which is a priority for most.

How did DraftKings get to market first? They’ve been gunning for this opportunity for a while, and they also didn’t have to worry about the task of setting up retail operations. In NJ that task falls to Resorts Casino, whose license DraftKings is operating under.

On the technology and risk-management front, DraftKings has the Malta-headquarted Kambi Group providing risk-management and technology services behind the scenes.

Which brings to the target demographic: DraftKings is catering to the recreational bettor, probably many of whom haven’t used a sportsbook before and have only bet against a friend. People ticked off about inferior lines? They can play at the same places you have been. DraftKings offers certain conveniences such as simple debit card deposits and, depending where you’ve played, better consumer protections. 

When the local competition arrives for DraftKings, we could see their lines tighten. One of the interesting things we’ll have to watch going forward is how lines differ among the same operators in different jurisdictions. For example, what will Caesars be hanging in Las Vegas (6.75 percent tax rate) versus New Jersey (13 percent) versus a state that establishes, for example, a 10 percent rate? And then compare that with offshore.

Good luck outrunning higher juice, but this is the beauty of having choices.

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DraftKings Sportsbook’s Juicy Mobile App Launch In New Jersey

The post What’s Up With DraftKings Sportsbook’s Very Juicy Mobile App Launch In New Jersey? appeared first on SportsHandle.

The DraftKings Sportsbook debuted on Wednesday, making the daily fantasy sports-turned-sportsbook operator’s mobile sports betting app the first to hit the market in New Jersey — and further, the first legal betting app available anywhere outside Nevada. On the surface, pretty exciting!

Some recreational folks may be celebrating, but public reception has been lukewarm elsewhere and in some corners downright caustic because, like the FanDuel Sportsbook launch (in retail at the Meadowlands Racetrack) in mid-July, the baseball lines offered are just dismal compared to industry standards (more on this later).

The DK sportsbook right now is in a soft-launch phase with up to 50,000 people in New Jersey supposedly eligible to download, deposit and wager. No doubt DraftKings carefully observed the rollout of the FanDuel Sportsbook and  saw some backlash against their lines. As a result, it seems more likely to me that this pricing is not incompetence or disrespect for its customers … and from a business perspective may actually make sense. (Or shouldn’t be surprising.)

DraftKings Sportsbook Lines on Mobile App Are Way Out of Whack Upon New Jersey Soft Launch: Is This Clueless or Well-Calculated?

OK, so, these lines are rough, as Robert Dellafave to NJ Online Gambling explores and others have noted, when compared with the typical 10-cent baseball money lines (for example, -155 for Team A and +145 for Team B) or 15- or 20-cent lines in some cases you can see below from Las Vegas and offshore books. A look at the pricing from ESPN’s David Purdum:

 

 

So what’s the idea? Right now DraftKings is remaining in a soft launch indefinitely. This is a launch with its self-selected early adopter cohort that will give the company valuable feedback. We really have no clue if the app is available to 50,000 people or 500. I can tell you that I live in New Jersey, have played a decent amount of DFS during NFL season, and have not (yet) been invited to download.

It’s baseball season and they’ve got a one month to ramp up before football season — the Official King of U.S. Sports Betting — to figure things out technologically and also, well, test and evaluate this initial cohort.

First, just how many of its users don’t know that these prices are bad? Second, DK can see how many users bet the lines and cross-reference against their DFS histories. How many and what percentage of its users “invited” (likely MLB DFS players) will download the app are going to bet? They can then project how much of its database may download and play during football season, perhaps on -115 spread bet? The DraftKings run line pricing is more in line with industry norms. As evidenced by the dumbed-down terminology “Who Will Win?” instead of saying “money line” — they’re appealing to the recreational sports bettor. It’s possible the spread bets for football meet -110 norms and the money lines are elevated as here with baseball.

Maybe also DK can see how many of the users know the lines aren’t good and simply don’t care. In a way, playing in GPP DFS contests is akin to setting money on fire. DK may have even obtained (purchased) e-mails from offshore sportsbooks to see which of its users have deposited offshore and will bet through DraftKings against certain lines. 

Point is, there’s a one-month window here during the dog days of summer/baseball when DraftKings can glean a whole lot of information in a contained environment before it really matters: that is, football season, when the MGM/Borgata app and the Caesars app and others are up and running on mobile as well.

In other words, they’re testing the upper limit. They can always come back down from these prices and probably few people will remember if they even knew in the first place. Most people not vacationing right now probably aren’t betting on the Giants-Diamondbacks.

Further, these lines aren’t being covered by the mainstream media. The major publishers will dive bomb when there’s a major event in the sports betting world, or perhaps just to offer a misinformed think piece about how legal sports betting will render collegiate sports extinct … but they’re just not getting into pricing issues.

Another number of note? Despite the FanDuel Sportsbook stumble out of the gate, it still did $3.5M handle in just nine days. During baseball season with a sprinkle of World Cup. We’ll know in a of couple weeks how they performed with handle/old over the month (in retail form only).

Sports betting inherently has an upper limit problem with revenue. DraftKings will mop up on parlays and teasers like every shop, but they’re looking to get more out of money line wagering here and in the future, evidently.

For most the folks reading here who will run away from this pricing and never come back, they probably expected you’d react that way. Best advice for everyone else, whether you’re shopping for a toaster, a car or a money line: shop around. 

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Meadowlands’ FanDuel Sportsbook Draws $3.5M Handle in Short Order

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The FanDuel Sportsbook retail shop located at Meadowlands Racetrack in East Rutherford, New Jersey, yielded nearly $3.5 million in total wagers in just two weekends and one week since its July 14 opening, according to an Associated Press report. FanDuel officials confirmed the number to Sports Handle.

The New Jersey sportsbook’s opening marked a couple milestones, the first being the inaugural physical location for the DFS-focused operator FanDuel, its acquisition by Ireland-based bookmaker Paddy Power Betfair (PPB) now completed. A second FanDuel sportsbook is coming in August at the Greenbrier Resort in West Virginia.

The second big milestone was the launch of a sportsbook in an NFL team’s home state, better yet literally in its backyard. The Meadowlands Sports Complex is also home to MetLife Stadium, home field of the New York Giants, New York Jets and the Giants practice facility as well, the Quest Diagnostics Training Center. But the auspicious launch from a handle perspective did not escape without some controversy.

FanDuel Sportsbook at Meadowlands Boasts Happy Handle After Nine Days In Business, Bodes Well for Football Season.

 

The backlash stemmed from FanDuel Sportsbook’s opening day pricing. A number of the baseball games on the July 14 menu were offered at 35-cent lines, in the range of surprising and absurd. Industry standard, at least in Nevada, is about 15- or 10-cent lines on baseball. For example, -140 on the favorite and +130 on the underdog.

Per ESPN Chalk’s David Purdum two days after launch, “Bettors should expect more traditional pricing moving forward at the new FanDuel sportsbook at the Meadowlands, where over $1 million was wagered over the weekend.”

Not a good break out of the gate, but it will be forgotten by most come September when the book remains wonderfully situated just eight miles from Midtown Manhattan. By that time the mobile platform will be available, as well, with FanDuel’s built-in clientele set to be activated and other market players having to start from scratch.

Incidentally $3.5M is on par with the first month of sportsbook revenue (rather, 17 days) by the three then-operational NJ sportsbooks in June, which included the William Hill sportsbook at Monmouth Park and the Borgata Race & Sports Book in Atlantic City. Ocean Resort had its book open three days to end June. Keep in mind, the New Jersey sports betting revenue numbers will include future wagers and to-be-decided props at the time of the bets, with winning tickets to be deducted at the time of redemption.

Company Coming.

Last week the New Jersey Division of Gaming Enforcement (DGE) accepted new sports wagering certificate applications from properties including Resorts Casinos, all Caesars Entertainment casinos (Harrah’s, Bally’s, Caesars) and the Golden Nugget.

The Harrah’s sportsbook is already under construction. Resorts, which has partnered with SB Tech and DraftKings, probably isn’t far behind. There may be as many as eight or nine sportsbooks live by football season and several of them with live mobile applications that will only increase handle and revenue.

It remains to be seen how much of that $3.5 million handle for Meadowlands falls into the “win” column, but it’s an auspicious start with a lesson learned during a period of relative calm, as far as the sports betting calendar goes.

On a Tour-de-Atlantic City sportsbooks and casino floors this past weekend, Sports Handle observed pretty full houses at Harrah’s, Tropicana, Borgata (the sportsbook and floor) and Ocean Resort. Likewise at the FanDuel Sportsbook on Sunday at noon, where more teller windows would have helped some deep lines.  

“I’m surprised how crowded it is here with the Hard Rock just opening,” a Harrah’s blackjack dealer said around 11 p.m. on Saturday night. “The Hard Rock looks nice. It is not the Taj Mahal [the space that Hard Rock now occupies].”

The Hard Rock Atlantic City is getting on the sports betting wagon, too, with some kind of partnership with the U.K.-based bet365 in the works.

A rising tide appears to be lifting all boats, with waves coming courtesy sports betting and some fresh starts.

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Another Wave of Casinos Apply to Join New Jersey Sports Betting Picture

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Wary of getting stuck on the sidelines for football season’s kickoff, five new applications arrived on Monday for a New Jersey sports betting license.
According to the Associated Press, the state’s Division of Gaming Enforcement (DGE) received two applications for brick-and-mortar licenses and three for mobile sports wagering before a Monday deadline. DGE Director David Rebuck previously announced a deadline in connection with football season to allow state regulators enough time to evaluate applications.
While the DGE did not identify the applicants, CDC Gaming Reports has learned that the applications came from Caesars Entertainment — to offer retail wagering at Harrah’s and Bally’s in Atlantic City. In addition, Ceasars applied for licensed to offer mobile sports wagering at all three of its Atlantic City properties, the other being Caesars Atlantic City, which would be “serviced” by the adjacent Bally’s. The other identified applicant is Golden Nugget, which applied for both retail and mobile wagering.
New Jersey Sports Betting Scene Set to Add Ceasars Entertainment Properties, Golden Nugget Atlantic City, All Looking to Get Up and Running Before Football Season
nj sportsbook at harrahs and other caesars properties for atlantic city new jersey sports betting
The remaining applicants likely came from a pool of Hard Rock Atlantic City (seeking to partner in some way with bet365), Tropicana, Resorts Casino or Freehold Raceway.
“I fully expect that by Aug. 1 we will see additional properties up and running,” Rebuck said.
The application fee for the sports wagering certificate is $100,000 and there’s a five-digit difference in tax rate on sports wagering revenue: revenue derived from in-person wagering is taxed by the state at 8.5 percent while mobile wagering faces a 13 percent tax.
We know a bit about the Golden Nugget’s sports betting plans. Shortly before the Supreme Court struck down the federal law allowing this sports betting land rush, Churchill Downs Incorporated and Golden Nugget Atlantic City announced a partnership to offer sports betting and online gaming markets.
Potential licensees yet to apply will not entirely miss the boat for the college football and NFL seasons: the DGE will just not make any promise to give a rubber stamp before kickoff or any week in particular.
So far in NJ sports betting, Monmouth Park and Ocean Resort Casino have sportsbooks up and running with operations managed by William Hill; also the Borgata, owned and operated by MGM, went live on June 14 like Monmouth Park. And this past Saturday, Meadowlands Racetrack in northern New Jersey cut a ribbon, introducing the first FanDuel Sportsbook.
[Also See: Odds Shift in Race for Operator Dominance in Legal U.S. Sports Betting Market]
Revenue for operators and the state so far has been pretty good. Through just 17 days of operations in June Monmouth and Borgata plus three days at Ocean, the total handle registered $16.4 million with a $3.5M win by the books (on a cash basis that counts futures wagers as revenue at the time of the wager), with $293,000 revenue yielded by the state. The FanDuel Sportsbook at Meadowlands, pricing controversy aside at its debut, saw over $1 million in wagers in its first weekend.
So far no facility has rolled out mobile wagering, but that is expected to happen in the coming days.
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FanDuel Sportsbook Launch is Another Legal Sports Betting Milestone

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The metamorphosis from daily fantasy to sports betting operator became complete on Saturday when the FanDuel Sportsbook launched at Meadowlands Racetrack in East Rutherford, New Jersey, on the same premises as MetLife Stadium, home to the New York Giants and Jets. FanDuel will remain in the DFS business, but this new sports betting opportunity in the U.S. is much bigger with the vast majority of the market yet to be captured.
A nervous excitement pulsed through the recently-remodeled Victory Sports Bar & Club where 10 ticket windows were staffed by employees wearing collared shirts emblazoned with a FanDuel Sportsbook patch. Some of the employees at the New Jersey sportsbook are brand new hires who received about two weeks of intensive training prior to Saturday.
“I was actually able to sleep last night,” Meadowlands Racetrack General Manager Jason Settlemoir said before the facility opened. “The first thing I do in the morning is turn the TV on and I saw ‘FanDuel Sportsbook set to open’ up at Meadowlands Racetrack. When I came in it was everything I envisioned for this part of it, so I’m excited and ready to go.”
FanDuel Sportsbook Launches at Meadowlands Racetrack in East Rutherford, New Jersey On Same Grounds as Giants and Jets’ MetLife Stadium and Only 8 Miles From New York City

Executives and officials on hand for the occasion included Matthew King, appointed CEO of FanDuel in November 2017; also lawmakers Senator M. Teresa Ruiz (D-29th District), Senate President Pro Tempore, and Assembly Member Ralph Caputo (D-28th District), a co-sponsor of the bill that legalized sports wagering in the state.
These, and other officials, offered remarks from a podium at the front of the house about an hour before the sportsbook opened to the public.
“We have a great opportunity here in the State of New Jersey to preserve and create jobs and provide dollars for vital programs that our citizens needs,” Caputo said from the lectern. “This is an economic shot in the arm. And this will be ongoing revenue — not a one shot deal.”
The deal began exactly one month ago on June 14 when Monmouth Park in Oceanport, N.J. became the first sportsbook to open, under the direction of operator William Hill. The MGM-owned Borgata began taking bets shortly thereafter in Atlantic City. Together those two properties (with some help from three days of wagering at Ocean Resort, also operated by William Hill), generated $3.4 million in gross revenue (on a cash basis accounting method). New Jersey collected $293,000 for the state.
This all comes after New Jersey won its Supreme Court case Murphy v NCAA in May against the NCAA and major pro sports leagues. The two parties together had blocked efforts to legalize for a decade under the now-extinct federal law banning sports wagering outside Nevada, the Professional and Amateur Sports Protection Act (PASPA).
“[Legal sports betting] is going to make something that’s been in the shadows and taking place illegally, and make it legal,” said Meadowlands Racetrack Chairman Jeff Gural.

Resources and Training From Paddy Power Betfair, and Their Selection as a Partner

The Meadowland has been preparing for this moment for a while. So has FanDuel, whose acquisition by the powerful Ireland-based bookmaker Paddy Power Betfair (PPB) was completed just this past week.
PPB has been instrumental in preparing the FanDuel Sportsbook for launch but FanDuel serves as the face of the collective operation. The abundance of signage around the property makes that clear. The sportsbook will be undergoing an expansion and remodeling before football season that will increase the number of ticket windows, televisions and more.
“The betting software is good, it’s simple, quick and accurate,” one ticket writer said. “I like it. “ But no doubt there are some jitters. One employee who booked a $500 wager was “almost shaking,” he told a colleague.
“We’re leveraging the entire global resource base,” FanDuel CEO Matt King told Sports Handle, regarding the collaboration between FanDuel and PPB. “We have their expertise helping to build the mobile app. We’re also using their pricing and their risk-management. And what that means for fans is that we’re going to be able to offer more markets, more bet types than really anybody else out there.”
King is mindful that while the U.S. sports betting opportunity is tremendous, the competition for market share will be fierce. FanDuel beat fellow DFS giant DraftKings to the initial punch, but DraftKings is in the game too as they partnered with Resorts Casino in Atlantic City, which is expected to begin operations before football season.
“This is going to be a very competitive market,” King said. “We think that we’re in a great position because The FanDuel Group is the largest online gaming operator by almost a factor of two. And we think that’s an incredibly powerful position when coupled with the resources we have with Paddy Power behind us.”
Speaking of Paddy Power, there are questions around the industry about why U.S.-based sportsbook operators appear to be idling as European companies make inroads in the U.S. market.
“We put out a request for proposals and received seven or eight,” Gural said of their selection of PPB/FanDuel. “Mostly from abroad.” He said the process of choosing their partner, which has now formed the FanDuel Group, took about a month.

Engaging Clients and Fans Online and in Retail.

One patron at the sportsbook came from Philadelphia just to take in the scene. He didn’t realize until he got there that this was a FanDuel sportsbook.
“Oh really?” he asked. “I think it’s good business, especially in this area. You’d think that’s the logical step for [FanDuel]. They kind of made DFS legal, so once legalized, it’s easier for them jump into this.”
“I don’t even know what I’m wagering today,” said his friend, who hails from Garfield, about nine miles north of the Meadowlands in New Jersey. “I just want to see what the similarities are here to Las Vegas, see what the lines are like. I might play some World Cup.”
Another open question is how the leagues will embrace legal sports betting, or create distance from it. The leagues have been pushing for a controversial “integrity fee” or “royalty,” in which they would take a percentage off the top of all wagers booked legally in states that would grant them such a request. But so far no state has imposed such a cost upon its licensed operators.
The FanDuel Sportsbook at the Meadowlands is in a unique position given its proximity to an NFL stadium, MetLife. ESPN’s David Purdum reported that there has been talk about a shuttle between the stadium and the sportsbook.
“We’re deep in the conversation of how this is going to work on a number of fronts,” King said. “We’re looking forward to being great partners in and around the area.”
On the digital front, FanDuel — which has operated exclusively online until Saturday — is close to introducing its online sportsbook product and mobile app.
“We’re weeks away from launching,” King said. “Obviously it’s important we do that with the regulators, so we’ve had people furiously working on it for more than six months, and we’re getting very close.”
Mississippi sports betting and West Virginia sports betting will be next to move. Both states are preparing operators to open up shop before football season. FanDuel also secured a partnership The Greenbrier Resort in West Virginia, which is one the Mountain State’s five licensed properties gearing up.
The U.S sports betting opportunity is vast, and the opportunity and experience in each state and venue will be at least a little bit unique. And ever changing.
“Greenbrier will be a bit different because they don’t have a facility quite like this,” King said. “It will be interesting to see in a lot of casinos that don’t historically have sportsbooks, how we end up outfitting them and what’s the right retail experience. There’s also going to be additional technology like self-service betting terminals that will coming out. So you’re going to see an evolution of our retail format over time.”
Indeed, the evolution has only just begun.
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Happy Anniversary! First Month of New Jersey Sports Betting In The Books

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Saturday will mark one month since New Jersey sports betting began in the Garden State, and the state has plenty of reason to celebrate the past month and look forward to the months and years ahead.
Governor Phil Murphy placed the state’s first official bet at Monmouth Park Sportsbook on June 14 as cameras clicked and a big crowd watched. Ninety minutes south, NBA legend Dr. J placed the first sports bet at the Borgata Race & Sportsbook in Atlantic City. Both venues claimed a first – Monmouth Park was the first New Jersey racetrack to accept a sports bet and the Borgata was the first New Jersey casino to do the same.
In the first month, there have been some key changes at Monmouth Park to accommodate the flow of sports bettors. The William Hill-run sportsbook had six teller windows at launch, which didn’t turn out to be enough: 15 additional windows have been added, in addition to 50 high-definition televisions, food carts, chairs and tables, in the grandstand area at the racetrack.
To Accommodate NJ Sports Betting Interest At Monmouth Park, The Facility Has Transformed the Grandstand
“That was a dead grandstand area,” said Tom Luicci, media manager for Monmouth Park. “If you’re facing the track, it’s on the far left side and now all of a sudden it’s probably the most vibrant area on the track. … It’s like a whole community that just sprung up out of a desert area.”
Luicci also said that the track has accommodated sports fans by opening its gates early — 8 a.m. vs. the traditional 11-11:30 a.m. opening times for horse racing — during the World Cup, so fans could place bets and watch games.
Similar scenes have likely been playing out at other venues. And there’s plenty of glory and goodwill – and money, it turns out, to be shared around the state.
“The initial sports wagering results illustrates the popularity among patrons and the potential of this new revenue stream for New Jersey operators,” said DGE Deputy Chief of financial investigations Christopher Glaum. “The Division anticipates continued revenue growth in future months as each of the state’s remaining 11 eligible sports wagering operators determines when and how they will seek to enter the marketplace.”

Maybe 14 Is New Jersey’s Lucky Number: PASPA Overturned May 14, NJ Sports Betting Opened June 14, and Meadowlands Will Take First Bets July on 14.

After nearly a decade of legal wrangling, New Jersey finally won the right for it – and every other state in the nation – to offer sports betting when the Supreme Court issued its decision on May 14, striking down the Professional and Amateur Sports Protection Act in its Murphy v. NCAA decision.

Governor Phil Murphy placing the first legal sports wager in New Jersey at Monmouth Park.
Governor Phil Murphy placing the first legal sports wager in New Jersey at Monmouth Park.

The 14th has become an auspicious date for New Jersey since. It was on June 14 that Monmouth Park and the Borgata took those first sports bets, and it will be on July 14 that the Meadowlands, just over the border from New York City, will open for sports betting.
If the initial numbers are any indication, the Meadowlands should be in for some good business. The New Jersey Division of Gaming Enforcement released numbers from the first 17 days of sports betting at three locations (though the Ocean Resort didn’t open until June 28, so most of the money in the report flowed through Monmouth and the Borgata), they revealed a healthy interest in sports betting.
As in Delaware sports betting, New Jersey is using a cash method of accounting, not the accrual method used in Nevada. With that understanding, the sportsbooks generated in a collective $3,458,688 gross revenue, producing $293,863 in tax revenue for the state of New Jersey. That’s based on a total handle of $16.4 million from June 14-30.
The nearly $300,000 for New Jersey’s coffers is based on an 8.5 percent tax rate on operators’ sports wagering revenue. Considering that the state set the tax for mobile sports betting at 13 percent, it stands to bring in even more once mobile wagering is online, and certainly once more properties begin operations in the coming months. Those expected to do so include the Hard Rock Hotel & Casino Atlantic City and the Golden Nugget.
Several properties are planning to debut mobile platforms later this summer and bettors in the state of New Jersey will be able to sign up for an account remotely.

Current New Jersey Sportsbooks are Bare Bones, But Operators Have Plans for More Posh Surroundings, Hopefully in Time for Football Season. 

As sports betting grows in New Jersey, so, too, will its sportsbooks. Monmouth Park, the Borgata and Ocean Resort all opened with what they called “temporary” sportsbooks. 
Essentially, there’s betting windows, odds boards and a few televisions in Spartan surroundings. The idea was to get up and running as soon as possible, and based on the numbers, all of the sportsbooks bet right – bettors were more interested in being able to place bets than needing the creature comforts of a Las Vegas-style sportsbook. But during the first month, and beyond, all three properties have continued work on more elaborate sportsbooks, and hope to have those open by the start of football season.
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Three New Jersey Sportsbooks Collects $3.4M in First Half-Month

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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.
nj sports betting numbers handle for june from monmouth park sportsbook
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:

Also 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:

Further 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]
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