Meadowlands Takes $3.5m in Sports Bets in First Days of Operation

Meadowlands Takes In $3.5m in Sports Bets during First Days of Operation

After launching sports betting services, the Meadowlands Racetrack took close on $3.5m (€2.9m) in sports bets during the first nine days of operations.

Across the United States, there has been a sports betting boom of sorts, as lawmakers set about creating legislation to legalize the new industry within their borders. In May, the US Supreme Court struck down the PASPA federal ban on sports betting, which opened the door for individual states to begin setting up laws and regulations to start offering wagering on sports – Delaware was the first, quickly followed by New Jersey.

The Meadowlands sports betting begins

Earlier this month, the Meadowlands Racetrack was the latest operator in New Jersey to begin offering sports betting services. Having launched on the 14th, the venue was able to take in close to $3.5m (€2.9m) over a nine-day time frame, even though there was little to bet on. Basketball and the World Cup of soccer were over, and baseball was in the middle of a break due to All-Stars. However, the venue was still able to see a rush of activity, as players have waited years to be able to take part in sports betting.

Speaking to the Associated Press, Meadowlands operator Jeff Gural said: “We did OK. Our goal the first weekend was to exceed $1 million which we did. The next four days were quiet with nothing to bet on due to the All-Star break.”

Baseball was back in action this past Saturday and the racetrack was able to take in more than $650,000 (€555,842) with even more bets coming in on Sunday via baseball and other sports. Gural stated further that he was pleased with the performance of the track even though it was not at full strength and only ten windows were open with live tellers.

The Meadowlands offers a FanDuel Sportsbook, which will be expanded in the future. The facility is located in the complex where the New York Giants and Jets play their NFL games, so there is potential for more business this football season.

First two weeks a success

Sports betting officially launched in New Jersey on June 14, with Monmouth Park and the Borgata of Atlantic City the first to offer services. By June 28, the Ocean Resort Casino was in on the action. Within a two-week time frame, the sports betting industry of the state had taken in $16.4m (€14m) in sports bets, with close to $3.5m (€2.9m) earned in revenues.

The majority of the sports betting revenue was generated by Monmouth Park, with close to $2.3m (€1.9m) earned. The Borgata was close to the million dollar mark at $986,831 (€843,955), followed by Ocean Resort with $192,671 (€164,738).

Sports betting operators in the state expect football season to be quite busy. With preseason games kicking off in August and the official games set to begin in September, bettors are expected to waste no time getting their wagers in. For decades, players have been unable to place wagers on their favorite sports teams in a legal manner, so it is expected that millions will be wagered this year, with football season being the most popular time for sports wagering.

William Hill US has partnered with Monmouth Park to offer sports betting, with excitement building on the upcoming football offering. Commenting that he can’t wait until football season, CEO Joe Asher said: “While it’s still early, we’re obviously off to a great start. We always knew there was a big appetite for legal sports betting during the years of litigation, and now it is being proven.”

More statistics on sports betting via the casinos and tracks of the state will be revealed on August 14 by the state Division of Gaming Enforcement. It will be interesting to see how the venues fared in July with the addition of the Meadowlands.