New Jersey businesses win big in sports betting

OCEANPORT, N.J.—Two casinos and a racetrack in New Jersey took in $16.4 million in sports bets during the first two weeks such wagers were legal in the state.

Figures released Thursday by the state Division of Gaming Enforcement show the Borgata and Ocean Resort casinos, in Atlantic City, and the Monmouth Park racetrack, in Oceanport, saw gross sports betting revenue of nearly $3.5 million on those bets.

But regulators caution that bets involving future outcomes, such as the winner of baseball’s World Series or football’s Super Bowl, won’t be paid out for months. Just over $1 million was wagered on such bets.

The casinos and the track are the only places legally taking sports bets right now. Of completed events that were the subject of betting, they retained 7.8 percent of the amount wagered, or about $1.2 million.

Sports betting generated just under $300,000 in tax revenue for New Jersey during the first two weeks. The report covers only the period from when sports betting began on June 14 through the end of the month.

Monmouth Park took the lion’s share of sports betting revenue, at nearly $2.3 million. The Borgata saw $986,831, and Ocean Resort, which opened on June 28 and had only two days of sports betting last month, saw $192,671. Regulators did not break down the total amounts bet at each outlet.