With football season just around the corner, New Jersey casinos are getting ready to launch sportsbooks for the first time ever. The recent overruling of the sports betting ban in the state has prompted New Jersey’s local gaming operators to get ready to accept wagers by the time the Eagles and Falcons kick off in September.
Four Sportsbooks, More to Come
So far, only two casinos and two tracks offer sports betting in New Jersey: Borgata, Ocean Resort, Monmouth Park and the Meadowland. The new law would permit other local license holders to provide their players with the ability to wager on sports – but deadlines are looming. The New Jersey Division of Gaming Enforcement has introduced casinos that they should submit their applications this week if they want to be able to take bets by the time football season kicks off on September 5. So, we are sure to see several casino license holders stepping forward to apply for sports betting licenses over the next couple of days.
It is somewhat of a rushed process, as New Jersey only legalized sportsbetting in May in an unexpected decision from lawmakers. So, it seems that the only companies that have already obtained licenses were those that already had plans in the works.
Since sports betting has been illegal for so long, New Jersey casino license holders are simply not set up for launching their own sportsbooks. As such, local many operators are working hard behind the scenes to enlist in the help of experienced sports betting operators. For example, Borgata is working with IGT while Monmouth Park and Ocean Resort Casino are working with William Hill. Several others have announced their plans to collaborate with online operators, such as Hard Rock Atlantic City who will be assisted by Bet365.
Great Forecast for Sportsbetting Profits
Even though operators only started taking bets within the past month, they have seen some very impressive profits. Within the first 16 days, three of the four venues in the state that offer sports betting raked in $3.4 million:
- Borgata: $986 831
- Monmouth Park: $2 279 166
- Ocean Resort: $192 671
Of course, this took place during the World Cup, so the numbers may not always be this high. However, Las Vegas sports books brought in over $20 million in May so, if more New Jersey casino operators sign up for sports betting applications, they could really generate some impressive profits over the course of the next year.
Taking a look at these numbers has certainly encouraged other states to move forward with sports betting legalization. Mississippi is the next state up, with its plans to go live with legal betting by July 21. It will be will interesting to see how many states follow suit, as federal sports betting laws continue to relax.