Get a Grip: Week in Sports Betting and Sports: New Jersey, FanDuel Sportsbook
By Brett Smiley | Published: July 13, 2018 at 11:22 amIt’s information overload everywhere, and there’s not time enough to sleep and eat and stay fully apprised of what’s happening on this crazy blue dot of ours (two out of three ain’t bad).
Here’s the weekend Sports Handle item, “Get a Grip,” rounding up top stories in sports betting and gaming, and the world of sports at large. You may have missed them, and they are worth reading. This is meant to be brief, so that’s it.
New Jersey Sports Betting Revenue Reports; FanDuel Sportsbook Set to Open at Meadowlands
Off the top rope: The results are in for the first month — rather, 17 days — of live NJ sports betting operations. The revenue reports are/will be different than those offered by Nevada regulators. Those reports record profits and losses based on an accrual method of accounting. For sports wagering in New Jersey, we’re looking at a cash method.
The main difference is that bettors’ wagers or “futures” bets, such as on the Super Bowl winner, or on anything not yet decided, gets counted as revenue when wagers are placed. Winning tickets will be deducted in the month in which they are redeemed.
Recall that the William Hill Race & Sportsbook at Monmouth Park in Oceanport took the first wager from Governor Phil Murphy at its June 14 launch (his bet on Germany to win the World Cup is a loser; he also bet on the New Jersey Devils to win the next Stanley Cup). The MGM-owned Borgata Race & Sportsbook within the hotel and spa in Atlantic City, opened up shop later that morning. William Hill is also operating the sportsbook at Ocean Resort Casino on the site of the former Revel. That sportsbook opened on June 28.
Here’s the gross revenue figures and other numbers of note (go here for further discussion)
- Monmouth: $2,279,166
- Borgata: $986,831
- Ocean Resort: $192,671
- Total revenue across all three: $3,458,688
- Revenue derived strictly from all three from completed events (not futures): $1,203,700
- Total gross hold percentage across all three, based on complete events results: 7.8 percent
- Total gross handle across all three (including futures): $16,409,619
- Tax derived by state of New Jersey (8.5 rate on in-person wagering): $293,863
Elsewhere, in the Northeast Corridor just a hop, skip or a black car from New York City, the FanDuel Sportsbook is set to open at The Meadowlands Racetrack on the same grounds as the home of the Giants and Jets, MetLife Stadium. Read all about what to expect and what it means right here.
The Other Most Important Stories of the Week in Sports Betting and U.S. Gaming
Quite a Headline: Gambling and drugs may be the cure for Connecticut’s ailing economy [CNBC]
Midwest: Even money says Colorado will take it slow and steady with sports betting [CPR]
States’ Rights: Federalism comes out as the winner in Murphy v NCAA [Reg Review]
Wishful Thinking: Here’s how sports gambling could become legal in Texas [Caller]
Everywhere, Man: Projecting when legal sports betting will arrive in 25 biggest U.S. cities [Action]
Low Tax Rates Would Help: New sports betting laws won’t stop illegal gambling [Herald]
Shuttle Bussing: Possible shuttle between MetLife and FanDuel Sportsbook? [Chalk]
Now in the Wider World of Sports:
Big Men: NFL offensive line rankings: All 32 team’s units entering 2018 [PFF]
Guts and Glory: Brandi Chastain on the Olympics and famous penalty kick [ESPN]
Los Angeles: LeBron James and Luke Walton have been texting, ignore the noise [TBL]
Broken System: Blake Snell snub may change the way MLB players selected to All-Star Game [SB Nation]
Betting Should Help: Fox’s NASCAR viewership dropped 19 percent from 2017, 29 percent from 2016 [AA]
Video of the Week:
Croatian firefighters were about to see Ivan Rakitics game-winning penalty but duty called…..Professionalism at its finest ?? pic.twitter.com/RgikSoSS3c
— Soccer Life (@FCSoccerlife) July 13, 2018
Quote of the Week:
“His quads are the size of my waist and whole upper body. I’ve never quite seen anything like it. I don’t often stare at another man’s legs, but in that case, you just can’t quite help it.”
— Giants QB Eli Manning on running back and first round draft pick (No. 2 overall by NYG) Saquon Barkley‘s lower body. Audio here:
Eli Manning can’t stop staring at Saquon Barkley’s legs ??? pic.twitter.com/Mc81ofrdS2
— Simms & Lefkoe (@SimmsAndLefkoe) July 10, 2018
Comment Section of the Week:
Report: FOX in talks to hire Jeff Fisher as a commentator https://t.co/4aI5g9dEfU
— ProFootballTalk (@ProFootballTalk) July 11, 2018
