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Legalized sports betting in New Jersey has been a boon to the state and in particular Atlantic City. The once-thriving seaside location had hit hard times over the past two decades, especially because of competition from casinos opening in nearby states, but an influx of cash from sports wagering is seeing revenue numbers spike over the past year with August’s total showing significant growth.
All told, New Jersey’s total gaming revenue for last month was $352.8 million. This represents a 16.1 percent jump over last August’s totals. Sports gaming led the way with $25.2 million in sports wagering across the state, a significant uptick from $9.2 million a year ago.
New Jersey was the second state to legalize sports betting in June 2018 after a U.S. Supreme Court ruling that struck down the federal Professional and Amateur Sports Protection Act, known as PASPA, that limited sports betting to Nevada for the last 25 years, according to the USA Today Network.
The decision opened a market of state-sanctioned gambling that was expected to lift the fortunes of racetracks and Atlantic City casinos, according to NorthJersey.com. The expectations have, so far, proved to be true. Within 10 months of legalized sports betting, $2.3 billion in wagers had been made, according to the Associated Press. The rapid growth of sports betting led Gov. Phil Murphy to declare that the Garden State would overtake Nevada in sports betting revenue by 2020.
A number of Atlantic City casinos posted strong numbers in August with sports wagering a significant part of the equation, according to the Attorney General.
Results Digital weighed in with sports gaming numbers of $6.697 million, strong postings when stacked against $2.97 million year over last. Ocean Resort, the former Revel casino and hotel, and Bally's Atlantic City the biggest percentage gains year over year. Ocean Resort increased its sportsbook revenue by $414,889 from last year, an increase of 144.2%, and Bally's Atlantic City earned $351,205 more than August 2018, a 131.1% increase.
The heavy hitter in all of this, however, isn’t in Atlantic City.
The Meadowlands Racetrack took in $11.867 million in sports gaming revenue in August, which is a 287.6% jump from the previous August.