The Short Take:
- The eight New Jersey casinos and racetracks that operate on-site sports books brought in revenue of $11,393,253 in September
- Leading the pack was the Meadowlands racetrack, followed by the Borgata casino
- Month-over-month growth of sports betting in casinos and racetracks hit 88% in September compared to August
- The casino and racetrack sports books paid a total of $969,748 in state taxes in September
Just a handful of months after the Supreme Court greenlighted legal sports betting, September saw casinos and racetracks in New Jersey bring in $11,393,253 of gross revenue. Note: the data in this article does not take into account internet sports betting – for more on internet sports betting in New Jersey, read our article here.
While you would think the Atlantic City casinos would be the hotbed for sports betting, the real action took place further north: the Meadowlands racetrack controlled 38.4% of the state’s sports betting industry with revenue of $4,377,474.
The Borgata’s sports book brought in the second most revenue in September with $2,394,106, or 21.0% of the state’s market. Monmouth, consisting of Darby Dev and William Hill came in third with an 18.8% market share, or $2,138,097 in revenue.
The six Atlantic City casinos with sports books account for less than half of the sports betting revenue in the state during the month (42.8%), with revenue of $4,877,682. The state’s racetracks that offer sports betting controlled 57.2% of the market with revenue of $6,515,571.
Here is a look at the market share of all eight New Jersey properties that have gotten their on-site sports books up and running:
And here is a look at the gross revenue of each of the New Jersey casinos and racetracks that offer on-site sports books:
Since sports gambling has been legalized in New Jersey the growth has been evident. September’s on-site sports book revenue grew by 88% compared to August. While it still trails in revenue compared to the racetracks, in terms of growth Atlantic City is starting to heat up. September’s sports betting revenue at the city’s casinos grew by 132% when compared to August. The state’s racetracks saw September monthly growth of less than half of the casinos’, coming in at 64.4%.
The $11,393,253 revenue at casino and racetrack sports books generated just under a million dollars in tax revenue for New Jersey, or $969,748 to be exact! The Meadowlands paid taxes of $373,530 for the activity in their on-site sports book while the Borgata paid just over $200,000.
Here’s a look at the September tax contribution for all of the state’s on-site sports books:
Since sports betting was legalized in New Jersey, casinos and racetracks have seen almost $25 million in revenue from their on-site sports books, bringing the state over $2.1 million in tax revenue.
While on-site sports betting is growing rapidly, it is only part of the story. New Jersey also allows internet sports betting. In September over $12 million in revenue was generated through internet sports betting in the state. Read our full report on New Jersey’s internet sports wagering here.
The future looks bright for New Jersey’s legalized sports betting. It will definitely be an interesting ride to watch as the pent-up demand for legal sports wagering finally has an outlet in New Jersey!