New Jersey Sees $2 Billion in Sports Bets

Ever since sports betting became legal in New Jersey, $2 billion has been wagered on sporting events.

The highest intake of bets was around the Super Bowl on the day of February 3. That is when New Jersey registered $320 million on sporting events. Regulators of the gambling industry predict that March Madness will surpass the Super Bowl betting in terms of volume.

The highest amount of betting revenue came from online and mobile wagering, 4 times as much as from casinos or racetracks.

The extra money brought Atlantic City’s casinos a 26% increase in gambling revenue compared to February last year. The casinos kept $12.7 million of completed sporting events after all the winnings, bets and other expenses were paid.

Atlantic City’s 9 casinos won $241 million in total in February.

Another event with a high wagering volume was the Oscars. Nearly $750,000 was bet on the Oscars and the sportsbooks ended up keeping almost a quarter of it.

The chairman of the New Jersey Casino Control Commission, James Plousis, says:

“It’s clear the new gaming options and other amenities are continuing to grow the Atlantic City market.”

According to The Associated Press, the largest increase in gambling was seen by Resorts Casino, going up 24.5% to $14.8 million in February compared to one year ago.

Caesars was up 10.7 percent to $19.4 million, and the Golden Nugget was up 5.8 percent to $26.5 million.

Harrah’s was down 14.8 percent to $24 million; Bally’s was down 9.1 percent to $12.9 million; Borgata was down 7.5 percent to $54.3 million, and Tropicana was down 5.8 percent to $27.5 million.

Racetracks also brought a lot in sports betting revenue in February. The Meadowlands Racetrack earned over $8 million compared to $774,309 in revenue for Monmouth Park Racetrack.

Online betting is also continuing to grow in New Jersey with almost $32 million earned by online casinos, an increase of more than 44% compared to last year.

Experts say that an even greater volume of sports bets than around the Super Bowl will be registered for March Madness Tournament.