July was the first full month of legalized sports betting in New Jersey. According to research by PlayNJ.com, even in the off-seasons of three of America’s biggest sports—basketball, football, and hockey—business is already booming.
“Considering the rate at which sportsbooks are opening in New Jersey, it is certainly not surprising to see a steep increase in revenue and the amount of money wagered,” said Dustin Gouker, lead sports betting analyst for PlayNJ.com, in a statement released on Tuesday. “The underlying data points are impressive, though. And it’s important to remember that this is the industry’s infancy. A mature, fully established New Jersey sports betting market could field billions of dollars in annual wagers.”
New sportsbooks at the Meadowlands Racetrack in East Rutherford (FanDuel) and in Atlantic City (Bally’s) opened in July, bringing the total in the state to five. (On Aug. 1, DraftKings also launched New Jersey’s first online sportsbook.)
The five sportsbooks active during July pulled in a total of $40.7 million in wagers, collecting $3.8 million in gross revenue. That was up from $16.4 million and $3.5 million, respectively, for the latter part of the previous month. (New Jersey legalized sports betting on Jun. 11.) FanDuel led all of the sportsbooks with $1.35 million in gross revenue.
SportTechie Takeaway
Dozens of new physical or online sportsbooks are planned or in the process of being opened this month, so the sports betting statistics for New Jersey will almost certainly continue to grow through August. And then, in early September, the 2019 NFL season will launch, offering another almost certain boost to the new industry.