Monmouth has strong opening month with sports betting

By: Tom LaMarra

Posted: July 13, 2018

Monmouth Park accounted for $2.279 million of the $3.358 million in gross sports wagering revenue in the state from June 14-30, according to statistics reported by the New Jersey Division of Gaming Enforcement.

The total includes two casinos that began offering sports wagering in June: Borgata Hotel Casino & Spa and Ocean Resort Casino. Wagering began June 14 at Monmouth and Borgata and June 28 at Ocean Resort Casino.

The state agency reported the “win percentage”—the amount retained by operators—from completed sporting events in June was 7.8%, a few points higher than the average in Nevada. Of the $16.409 million in total handle, about $1 million was bet on future events related to soccer, the National Football League and Major League Baseball.

Monmouth generated $193,000 for the state through its 8.5% tax on track-based sports bets and will pay another $22,000 in municipal and county fees (1.25%).

Monmouth, operated by Darby Development on behalf of the New Jersey Thoroughbred Horsemen’s Association, has an agreement with partner William Hill to split profits 50-50. Monmouth officials have said much of the track’s share of the revenue will be used to bolster the racing product.

Dennis Drazin, chief executive officer of Darby Development, told the Asbury Park Press the track is pleased with the initial numbers—the newspaper reported Monmouth handled $8.1 million in June—and that handle is expected to grow substantially when pro football season begins later this summer.

(Monmouth Park photo by Tom LaMarra)