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New Jersey takes in $40.6 million in sports bets in July

The real test will come when companies get their sports book online, because that’s where most of the customers are expected to come from.’’ The Borgata took in $562,830 in sports betting in July, and Ocean Resort handled just over $1 million. Bally’s did just under $18,000 in the two days it took sports bets in July. Sports betting generated $325,646 in state taxes in July. Figures released Tuesday by the New Jersey Division of Gaming Enforcement show the Borgata, Ocean Resort, and Bally’s, and the two tracks saw gross sports betting revenue of $3.8 million on those bets. Harrah’s and Resorts casinos began offering sports betting in August. Including all gambling revenue, the nine casinos took in $302 million in July, up 12.8 percent from a year ago. But that’s mainly because two newly reopened casinos had their first full month of operation in July, including Hard Rock, the former Trump Taj Mahal. It debuted as Atlantic City’s No. 3 casino out of the nine now operating in terms of revenue, with $32.7 million.

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Gambling Executives Buy Up Stock as U.S. Rolls Out Sports Betting

Executives at other gambling companies have snapped up their own stocks as well in a flurry of buying that follows a May Supreme Court decision legalizing sports betting. The open-market purchase was Wilmott’s first in four years, and the biggest by any executive or director at the regional gambling company in terms of both volume of stock and market value since at least 2003. That’s as far back as online SEC records go. Wilmott joined Penn National in February 2008 as president and chief operating officer, and was named CEO in November 2013. Over two days in August 2014, Wilmott bought 50,000 Penn National shares for $523,000. Penn National has agreed to buy smaller rival Pinnacle Entertainment (PNK) in a deal expected to close early in the fourth quarter .

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