The sports – betting market in New Jersey kicked off finally in mid – June followed by two weeks of intense collection of the New Jersey casinos having collected more than $3.5M.
This number was specified in a report by the New Jersey Division of Gaming Enforcement. According to them, the casinos won the money by betting on many athletic events in June, the bets worth around $16.5M.
The Monmouth Racetrack Park in Oceanport is tipped to be one of the first to commence sports betting and they earned around $2.27M from the betting activity, the numbers backed by state data. Following this, Borgata launched the sports betting activity and earned around $986000. Ocean Resort, which had just commenced during the end of June already, amassed $192671 in three days.
Out of the $16M, around $1M was reserved for the ‘future events’. According to the regulators in the New Jersey Casinos, the wagers on the event that occur after the current month are defined as ‘future events’. The report on the Sports betting was the first of its kind in the history of the New Jersey Poker Market. However, the regulators of the casinos underscored the nature of the reports. They called the Sports Wagering Gross Revenue as being ‘volatile’ when considered on a monthly basis. Further, they also commented that the payments for the Super Bowl events can happen many months after the original wager was created. And lastly, they also reported that the un-redeemed winning wagers would be deductible when redeemed in the upcoming months.
Although the sports betting industry fluctuates every month and is volatile, it is unlikely that the books will have a month of loss. The casinos in Nevada have never reported in a loss in around five years.