Sports betting in New Jersey got off to a terrific start, with the state earning close to $300k in taxes on $3.4 million in gross revenue.
Here’s what that looks like:
What that means:
Handle is total amount bet, meaning there was $16.4 million in sports wagers placed at Monmouth Park, the Borgata, and Ocean Resort.
Revenue means either the casino’s take from winning bets, unclaimed future bets – such as long-term championship, on which I hold $30 worth of tickets on the Phillies, Sixers and Eagles – or unredeemed tickets.
Win percentage is the rate at which sportsbooks won on completed bets, in this case 7.8%, which is above Nevada’s average of 5.5%, according to the New York Post.
Of the completed events, $10.1 million was bet on baseball and $2.2 million on the World Cup. [Imagine what happens come football season.]
Keep in mind, this is only based on two weeks worth of betting, at two casinos. [The Ocean Resort opened on June 28, so it accounts for very little here.] The FanDuel Sportsbook will open tomorrow at The Meadowlands, with others planned to open in the state in the coming months. All of this is before online sports betting in New Jersey has started.
Casino-based sportsbooks are taxed at a rate of 8.5%, while online sportsbooks will be taxed at 14.5%. Industry leaders expect online and mobile betting to eventually generate a majority of the revenue in New Jersey. So you can see how the revenue scales.
For a list of sites you can expect to see once online sports betting is up and running, check out our guide to New Jersey sports betting sites.