The house loses $4.2M in NJ on Super Bowl sports betting

The Garden State’s racetracks and casinos raked in $54,288,227 in bets during Super Bowl LIV, but had to pay out $58,568,699 in winnings to bettors. That means a huge loss of $4,280,000 for New Jersey’s racetracks and casinos, state gaming regulators said.

 

A Continued Losing Streak for the House

 

Unfortunately for the state’s gaming operators, this is the second year in a row that they lost money during the Super Bowl. The Division of Gaming Enforcement, which oversees New Jersey’s gambling and sports betting, noted this trend. However, it was very good news for everyone who placed a winning bet on Super Bowl LIV in New Jersey.

 

2019 was the first year the Super Bowl concurred with the legalization of sports betting in New Jersey. In 2019, players bet close to $35 million at New Jersey’s 10 retail betting locations and 11 online and mobile sportsbooks, and took home close to $40 million in winnings for the Patriots triumph over the Rams in the 2019 Super Bowl. It was a good year for winning in the Garden State.

 

While the Patriots were betting favorites across the country, New Jersey’s closeness to New England likely inspired New Jersey players to favor the Patriots even more. Every sports betting operator took a loss on the game. Curiously, William Hill‘s Nevada operation had a small win on the Super Bowl, while it had a small loss on the East Coast. William Hill’s experience highlights the difference between the two coasts.

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However, 2019 was a $4.6 million loss, or 13.11% for the house. That compares to a 7.8% loss for the 2020 Super Bowl, so the trend looks better for New Jersey’s gaming operators. While people still placed bets at the states’ 10 retail betting locations, there are now 19 online and mobile betting sites. New Jersey’s mobile gaming options continue to experience positive growth.

 

The Garden State Welcomes New Sportsbooks

 

 

Ahead of the 2019 Super Bowl, three new sportsbooks were welcomed into the Garden State. The first was the Tropicana Atlantic City’s online sportsbook, which premiered on Jan. 25, 2019.

 

This was followed by the retail and online sportsbooks for the Hard Rock Hotel and Casino Atlantic City. The retail sportsbook, located inside the Hard Rock, opened on Jan. 26 2019. The Hard Rock’s online sportsbook launched on Jan. 29, 2019.

 

Online sportsbooks have produced the lion’s share of sports betting in New Jersey; of the $4.6 billion bets on sports in 2019, $3.8 billion came in from legal sports betting websites and apps.

 

Online sportsbooks have exploded in 2020, with an additional 16 added to New Jersey’s robust lineup. In addition to the Hardrock Hotel and Casino Atlantic City and the Tropicana Atlantic City, six additional casino resorts and two racetracks have added a variety of online sports betting options.

 

The casino resorts that host online wagering options include not only the Tropicana and the Hard Rock, but also the Golden Nugget Atlantic City, Borgata Atlantic City, Resorts Atlantic City, and Caesars. Likewise, the Meadowlands and Monmouth Park racetracks have also added online betting sites.

 

It should be noted that all of these operators also offer in-person retail betting on their premises. New Jersey state law allows operators to partner with up to three online operators to produce their apps and websites. However, casinos are also required to have a physical location for their sportsbook if they also want to have an online sportsbook. The casino operators can receive a 270-day waiver in order to operate their online sportsbook while the in-house sportsbook is being built.

 

While the Super Bowl has thus proven to be a loss for New Jersey’s casinos, overall, sports betting in the Garden State is thriving.

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