NJ Sports Betting Revenue Starts Off Small But Experts See Bright Outlook

• Sportsbooks in New Jersey open during slowest time of year for sports wagering
• Only three sportsbooks calculated into these numbers
• PA opening sportsbooks may not have major impact on NJ books

Six sportsbooks are open for business in New Jersey but, despite all the hoopla, the numbers were relatively low.  This could have something to do with the slow season with options limited primarily to Major League Baseball, long considered a weak link by licensed international sports betting sites.

Not too shabby though: New Jersey collected $325,000 in tax revenue. Only three sportsbooks were open over this time frame.

"I really wouldn't know what to have expected. There's a lot of variables there, when you're only talking about three casinos," said Brian Tyrrell, professor of Hospitality and Tourism Management studies at Stockton University, in an interview with the Newark Star Ledger.

"Was the one fully up and running the entire month? Was it fully staffed? Was it promoted well? I think we'll have a better indication in about six months," Tyrrell added.

It should be noted that Philadelphia is an easy enough drive to and from Atlantic City and it is that city's beloved Eagles that won Super Bowl 52. The odds are also good that those who want to place wagers on the reigning Super Bowl champs in person will do so in Atlantic City (1 hour) over the closer Parx Casino (30 minutes).  This is due to the steeper tax implications that will likely be incurred betting at Parx.

The first sports bets in New Jersey were placed on June 14 at Borgata and at Monmouth Park Racetrack, and grossed $7.3 million through July.

Monmouth Park Racetrack, one of the first to open a sportsbook, is pleased with the early showing.

"This is a very healthy start to sports betting given the limited content that is available compared to what it will be come football season," Drazin said. "Every operator I've spoken to is very pleased with the initial start to sports betting and i believe there is way more revenue to come."

Monmouth Park is likely to primarily attract residents of New Jersey and some visiting the state whereas the Atlantic City books will see bets coming in from those living in Eastern PA, including Philadelphia, and the Meadowlands establishment will be patronized by a significant chunk of gamblers from New York City.

Last week, New Jersey began offering a sports betting app via Draftkings where wagers can be placed from anywhere within the state's borders.

- Aaron Goldstein, Gambling911.com