New Jersey sets US sports betting monthly record at $668M

That smashed the previous record of $614 million set in Nevada in Nov. 2019.

The extra money helped cushion the blow of months of losses incurred by New Jersey’s casinos and two racetracks that offer sports betting, helping them start to rebound financially.

The state Division of Gaming Enforcement shows the casinos and tracks collectively won $326.3 million from gamblers in August.

That figure was heartening to the casinos because it came in a month where they were restricted to operating at 25% of capacity, and it also included a doubling of internet gambling revenue compared to a year ago.

All told, the casinos and tracks saw their revenue decline by only 7.5% compared to August 2019, when they were going full-blast and there was no pandemic.

“Recovery is underway, even with continuing travel advisories that decreased visits from out of state,” said James Plousis, chairman of the New Jersey Casino Control Commission.

“Atlantic City’s casino win was almost 70 percent of last August’s strong performance, although the months are not reasonably comparable because of restrictions on capacity, amenities, and entertainment.”

He also noted that indoor dining was allowed to resume on Sept. 4, a development which will presumably be felt in next month’s revenue report.

The biggest news was a record-setting performance by New Jersey’s sports betting industry. In addition to surpassing Nevada’s previous high, the $668 million wagered on sports in August surpassed the previous New Jersey record of $562 million set in Nov. 2019.

After paying off winning bets, the casinos and tracks reported $39.5 million in revenue on sports bets in August. It was the first full month of baseball this year, and gamblers also had hockey and basketball playoffs to bet on.

Internet gambling brought in $87.7 million, more than twice what it had a year earlier.

Only two casinos, Ocean Resort and the Golden Nugget, managed to post year-over-year revenue increases. Ocean was up 3.7% to $26.6 million, and Golden Nugget was up 2.5% to $37 million.

Two internet-only entities did well in August. Resorts Digital was up over 97% to $27.9 million, and Caesars Interactive NJ was up almost 87% to $9.2 million.