$16.4M

Sports betting became legal in New Jersey on June 11 and gamblers here haven’t wasted any time exercising their new right. They wagered $16.4 million in the first month of the law’s operation, generating $3.5 million in gross revenue.

The figures have put a smile on the faces of those in the legal sportsbook industry; given that only three establishments took in the wagers, the results were above expectations. The Borgata Casino in Atlantic City opened for sports betting on June 14, as did Monmouth Park. The Ocean Resort Casino in Atlantic City got in on the game on June 28. Monmouth Park won the revenue race in the first month. It had $2.3 million in gross revenue, generating $142,448 a day. The Borgata’s total was $986,831, for $61,677 a day. The Ocean Resort grossed $192,671 in revenue, for $64,224 a day.

“Total amount wagered and revenue will increase exponentially as more casinos and racetracks begin to offer wagering, and as online betting kicks off later this summer and into the fall,” said Dustin Gouker, a sports betting analyst for PlayNJ.com. Sports betting is expected to get going at Meadowlands Racetrack on July 14, with more operators to follow (you can bet on it).

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