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New Jersey sets US sports betting monthly record at $668M

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New Jersey sets US sports betting monthly record at $668M

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He also noted that indoor dining was allowed to resume on Sept. 4, a development which will presumably be felt in next month’s revenue report.

The biggest news was a record-setting performance by New Jersey’s sports betting industry. In addition to surpassing Nevada’s previous high, the $668 million wagered on sports in August surpassed the previous New Jersey record of $562 million set in Nov. 2019.

After paying off winning bets, the casinos and tracks reported $39.5 million in revenue on sports bets in August. It was the first full month of baseball this year, and gamblers also had hockey and basketball playoffs to bet on.

Internet gambling brought in $87.7 million, more than twice what it had a year earlier.

Only two casinos, Ocean Resort and the Golden Nugget, managed to post year-over-year revenue increases. Ocean was up 3.7% to $26.6 million, and Golden Nugget was up 2.5% to $37 million.

“Our year-over-year gaming revenue increase is a testament to the momentum Ocean created prior to the closure, which immediately resumed upon reopening in July,” Terry Glebocki, Ocean’s CEO, said in a statement. “We are pleased with our August performance despite a less favorable calendar, ongoing restrictions on occupancy and the lack of indoor dining until early September.”

Caesars had the biggest decline, down 31.4% to $21.2 million, followed closely by its sister property Harrah’s, down a nearly identical 31.3% to $21.4 million. Resorts was down 28.8% to $13.8 million; Tropicana was down 26.5% to $26.5 million; Bally’s was down 21.3% to $15.2 million; Borgata was down 19% to $64.7 million; and Hard Rock was down 3.5% to $39.4 million.

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