Sports betting soars to $95 million in New Jersey in August

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Gamblers plunked down more than $95 million on sporting events in New Jersey in August, more than twice as much as they did just a month earlier.

Figures released Wednesday by the New Jersey Division of Gaming Enforcement show casinos and racetracks took in $95.6 million in bets on sporting events, up from $40.6 million in July.

The FanDuel Sports Book at the Meadowlands Racetrack made the most money out of the various places in the Garden State that allow sports wagering. Of millions spent on sport betting, the Meadowlands brought in $3 million of that.

“We were able to out handle the entire state of New Jersey combined,” says Meadowlands Racetrack CEO and General Manager Jason Settlemoire.

The Meadowlands was followed by Monmouth Park Race Track, The Borgata and Harrah’s casinos.

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Settlemoire says that part of the secret to their success was drawing in people from northern New Jersey and New York, which has yet to legalize sports betting.

“We're excited about where we are obviously. Location, location, location. That’s something we learn in Marketing 101 and being right outside of New York City and really being the only game in town for sports betting right here at the Meadowlands Racetrack,” he says.

The FanDuel Sports Book app also allows anyone in New Jersey to place bets on sports from their phone.

Settlemoire says that he has high expectations for football season, especial with MetLife Stadium right next door.

Sports betting became possible when New Jersey won a U.S. Supreme Court case in May clearing the way for all 50 states to offer sports betting should they so choose.

The numbers helped boost Atlantic City casino revenue to nearly $304 million, an increase of more than 24 percent from a year ago.

New Jersey’s tax rate on sports betting is 8.5 percent for retail-based betting and 14.2 percent for online betting.

The Associated Press wire services contributed to this report.

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