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New Jersey Sports Books Take $95 Million In Bets In August

Handle More Than Doubles Last Month

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New Jersey casino regulators said Wednesday that the state’s sports books took $95 million worth of bets last month. It was just the second full month the books were in business.

Nearly $22 million of that was bet over the web, New Jersey said.

The casinos retained $9.1 million of the $95.6 million in handle (in the form of winnings). Sports books pay an 8.5 percent tax on the sports betting revenue. So far this year, New Jersey’s sports books have generated nearly $16.5 million in revenue.

Thanks in part to sports betting, Atlantic City’s gaming win of $303.9 million last month was up a whopping 24 percent compared to the $244.8 million the casinos won from gamblers the same month in 2017. It’s worth nothing that two Atlantic City casinos—formerly known as Revel and the Trump Taj Mahal—reopened under new brands earlier this summer.

Had it not been for sports betting and the reopenings, the Atlantic City gaming market would have been flat in August. The huge August moved year-to-date gambling winnings for the industry to $1.86 billion, up 3.5 percent compared to the same period last year.

According to a report from Bloomberg, the New Jersey Division of Gaming Enforcement is predicting that the Garden State’s sports betting market will surpass Nevada’s by 2020.

That would be an impressive feat considering Nevada has had sports betting for decades.

According to latest Silver State gaming report, Nevada’s sports books won $285.1 million over the 12 months prior to Aug. 1, 2018, an increase of 30.7 percent compared to the same period a year prior. The books took nearly $5 billion worth of bets during the aforementioned time period.