OCEANPORT, N.J. (CBSNewYork/AP) — New Jersey gambling regulators have revealed how the state’s new sports betting market did in its first weeks.
The figures released Thursday show more than $16.4 million in sports bets were made. From that, casinos made almost $3.4 million.READ MORE: Gen. Colin Powell, Former Secretary Of State, Dies At 84 Due To Complications From COVID-19
Since the winnings are taxed in New Jersey, the state made almost $294,000.
The Meadowlands racetrack in East Rutherford, N.J., will start taking bets on Saturday.
“There’s going to be 10 tellers here for sports wagering,” CEO Jason Settlemoir told CBS2’s Meg Baker on Thursday.READ MORE: Reaction Pours In To Death Of Gen. Colin Powell
Atlantic City’s Hard Rock casino is also preparing to offer sports betting as soon as their agreement with British gambling company Bet365 is approved by New Jersey gambling regulators.
Legislators predicted sports betting would raise $20 to $40 million in tax revenue a year. The current rate is lower.
Settlemoir told Baker he thinks New Jersey will get a boost from its neighbors.
“There’s no legislation that was done over in New York, so everybody in New York has to come, if they want to make a legal sports bet, they have to come right here to the Meadowlands racetrack, or down to Monmouth Park or down to Atlantic City to the Borgata,” he said.
New Jersey won a U.S. Supreme Court case back in May, clearing the way for all 50 states to legalize sports betting.MORE NEWS: PHOTO GALLERY: Gen. Colin Powell Through The Years
(© Copyright 2018 CBS Broadcasting Inc. All Rights Reserved. The Associated Press contributed to this report.)