Posted: Jan. 15, 2020
Sports betting at racetracks, casinos and through online platforms in New Jersey generated $4.58 billion in handle in 2019, according to statistics released by the New Jersey Division of Gaming Enforcement.
On-site, or retail, betting totaled $747.37 million versus $3.83 billion for online wagering. The “win” from football, basketball, baseball, parlay and other sports averaged 6.43%.
The NJDGE reported $299.39 million in all-sources revenue from sports betting in 2019, up from $94.02 million in 2018. Sports betting was launched in June of that year.
In New Jersey, sports bets made at a racetrack or casino are taxed at 8.5% of gross revenue while online bets are taxed at 13%. Racetracks also pay 1.25% in economic development taxes for host municipalities.
In 2019, Monmouth Park produced $25.93 million in revenue from sports betting, up 108.1% from $12.46 million in 2018. Revenue at Meadowlands totaled $149.91 million last year, up 378.1% from $31.35 million in 2018. The state’s third operating track, Freehold Raceway, has not yet launched sports betting.
The retail and online tax payments on sports betting totaled $3.01 million at Monmouth in 2019 and $18.17 million at Meadowlands.
Nine casinos, two of which also have a digital sports betting platform, combined for $123.5 million in revenue, an increase of 146.1% from $50.19 million in 2018. The two tracks accounted for $175.84 million, or 58.7%, of total sports betting revenue in New Jersey, according to the statistics.
New Jersey tracks in 2019 received a $20 million purse supplement that will continue in each of the next four years if they meet certain objectives, one of which is growth in pari-mutuel handle.
Monmouth reported a 16.8% increase in wagering on its live product—from $175.96 million in 2018 to $205.54 million last year. Meadowlands reported $235 million in betting on its races, up 24% from 2018. Both tracks added several racing days in 2019.
(Monmouth Park photo by Tom LaMarra)