NJ Sports Betting Revenues Cut in Half for October

Written by:
Aaron Goldstein
Published on:
Nov/16/2018

A nearly quarter billion handle in sports betting for the state of New Jersey sounds good.  After all, NJ wasn't even offering sports gambling prior to this past summer.  A deeper look revealed some troubling news from the month of October.

While books took in around $260 million in wagers for the month, revenue was cut in half to $11.7 million.  Public favorites winning cut into October's revenue numbers.  Most of the action came via mobile apps.

Legal Sports Report does note that nearly $4 million in taxes has been taken in since sports betting launched in the state over the late summer.  Again, this is money that is new to New Jersey.

From Legal Sports Report

Property (Online) Digital Retail October Total September Total
Totals: $8,839,162 $2,846,957 $11,686,119 $23,961,038
Bally's Wild Wild West (Caesars, 888) $108,359 $303,240 $411,599 $500,509
Borgata (playMGM) $66,924 $120,288 $187,212 $2,515,044
Golden Nugget (SugarHouse) $151,446 $46,109 $46,109 $1,118,444
Harrah's N/A $104,448 $104,448 $310,766
Meadowlands (FanDuel) $2,427,928 $1,114,712 $3,542,640 $7,230,022
Monmouth Park (William Hill) $608,611 $606,981 $1,215,592 $2,208,882
Ocean Resort (William Hill) $385,641 $438,552 $824,193 $1,291,939
Resorts (DraftKings, BetStars) $5,090,253 $97,313 $5,187,566 $8,785,432
Tropicana N/A $15,314 $15,314 N/A

 


Gambling911.com sees the November numbers likely to come down even further following the first weekend of November bloodbath for the books.  Online operators tell us it was their worst weekend in nearly 20 years of operating.

Books won back some of this money with Tennessee beating both the Cowboys and Patriots in so many days along with the Browns stunning Atlanta in Week 10.  They were not helped by the New Orleans Saints continued hot play.

Draftkings continues to lead the New Jersey market.  They are partnered with BetStars NJ, a sister site of the world's largest real money online poker room PokerStars.

Gambling News

NCAA Denies Monitizing for Sports Betting

The NCAA denies it is looking to monetize legalized sports betting but Forbes reports they laying the groundwork to do exactly that.

Start My Own Sports Betting Site From Wisconsin?

Start My Own Sports Betting Site From Wisconsin?

You can start your online sports betting site from the state of Wisconsin

How To Make More Cash During The Holidays: Matchups To Consider This Dec.

How To Make More Cash During The Holidays: Matchups To Consider This Dec.

Why not make more profits during the holiday season? Bookies

Congress Last Desperate Attempt to Set Up State Framework for Allowing Sports Betting

Congress Last Desperate Attempt to Set Up State Framework for Allowing Sports Betting

Outgoing Republican Senator Orrin Hatch (R-Utah) is pushing forward a bill that would establish a federal framework for states to regulate sports betting, but he only has days to find additional sponsors.

Police Offer $50K Reward for Info Regarding ''Execution' of Mobster Angelo Musitano

Hamilton police are offering a $50,000 reward for information pertaining to the murder of notorious mobster Angelo Musitano.

Syndicate