New Jersey gamblers spent about $668 million on betting on baseball, basketball, and hockey seasons in August, marking the month high record in the United States.
The figure beat the previous record set by Nevada worth $614 million in November 2019. It also surpassed the last high set by New Jersey worth $562 million in the same month.
The extra money helped compensate for the losses incurred in New Jersey’s casinos and two race tracks that offer sports betting due to the Coronavirus disease 2019 (COVID-19). The high record helped them rebound financially.
The casinos and tracks won about $326.3 million from gambling players during the month, the state Division of Gaming Enforcement showed.
That figure was surprising to the casinos when they were restricted to operate at 25% of capacity. The total also included a doubling of online gambling revenue compared to the same month of last year.
The casinos and tracks saw the revenue fall by only 7.5% y/y when they were not hurt by the pandemic. Only two casinos, namely Ocean Resort and the Golden Nugget, made efforts to post a year-on-year increase in revenue in August. Of which, Ocean’s revenue rose 3.7% y/y to $26.6 million while Golden Nugget’s increased 2.5% y/y to $37 million.
Meanwhile, Caesars recorded the most significant decline in revenue after earning $21.2 million, down 31.4% y/y. It was followed by its sister property Harrah’s with $21.4 million, down 31.3% y/y, Resorts with $13.8 million, down 28.8% y/y, Tropicana with $26.5 million, down 26.5% y/y, Bally with $15.2 million, down 21.3% y/y, Borgata with $64.7 million, down 19% y/y, and Hard Rock with $39.4 million, down 3.5% y/y.
After paying the winning bets to gamblers, the casinos and tracks earned $39.5 million from sports bets in August, marked the first full month of baseball this year. Besides, the gamblers also had basketball and hockey playoffs to bet on.