When the State of New Jersey decided to go to the mats in support of regulated sports betting, it was done with the intention of boosting the long-troubled casinos of Atlantic City. It was a radical idea, that took nearly a decade to come to fruition, but it worked.
During their first full month of operation, New Jersey sports books took in $40.7 million in wagers which generated $3.83 million in revenue. Those numbers are slightly less than the numbers generated during the first two weeks of legal sports wagering in the state when the casinos booked $3.46 million, but that could be attributed to the novelty of the new vertical.
Given the time of year, there weren’t many surprises in how Garden State gamblers were spending their sports betting dollars. Of that $40.7 million, approximately $36.3 million was wagered on baseball; $1 million on basketball; and $160,000 on football. It’s widely expected that professional and college football will dominate the NJ sports betting world when their seasons start in earnest at the end of the month.
Overall, the ascendance of sports betting in the NJ gambling world accomplished exactly was it was supposed to accomplish, lifting revenue at Atlantic City casinos. For the month of July, gaming revenue was up 12.8 percent over this same period last year. And that, of course, is good new for the State of New Jersey as well. For the month, New Jersey collected $23.4 million in tax revenue from regulated gambling operations, according to report on Philly.com.