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New Jersey sports bets hit record $445M

|About: Caesars Entertainment Corp... (CZR)|By:, SA News Editor

New Jersey is challenging Nevada for sports-wagering superiority, having logged a state record $445M in wagers in September.

That's still short of Nevada's best totals, including its record of $600M in March. But it signifies the rapid growth of the sports betting market in New Jersey since its June 2018 legalization.

Sports betting has been a September bright spot for Atlantic City casinos, whose core table games and slots revenues fell 3.2% (to $224.5M) but sports betting and Internet gambling revenue boosted the overall total to $283.2M (up 4.1%).

And despite that collective increase, six of the nine casinos saw individual monthly gambling revenue decline: Caesars (NASDAQ:CZR) down 15.7%, to $19.3M; Tropicana (NASDAQ:ERI) down 12.9% to $28.9M; Bally's (NYSE:VICI) down 10.8% to $15.3M; Resorts down 5.3% to $15M; Harrah's (CZR) down 2.7% to $26.6M; Borgata (BYD, MGM) down 2.5% to $65.8M.

The three monthly winners in Atlantic City: Ocean Resort Casino, up 46.9% to $24.2M; Hard Rock up 20% to $31.8M; and Golden Nugget up 12.7% to $32.3M.

For the first nine months of 2019, sports betting has generated $190.6M in revenues vs. a starter $40M last year.

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