New Jersey’s Monmouth Park cashes in on new sports betting legislation

THE first weekend of legalised sports betting in New Jersey was a success, with reports of increased attendance and profit at Monmouth Park Racecourse a great sign for the industry.

Steven Falk with Ashbury Park Press said the park was “alive with activity on Fathers’s Day”.

Falk reported a 28.3% increase in attendance and an 18% increase in “total handle,” — the term in sports betting that is used to describe the total amount of money wagered.

“Total handle” is different than profit because bets are split into winning and losing ones. However, the activity at Monmouth Park is a point of favor of those that argued that sports betting might help the economy.

Meanwhile, the nearby state of Massachusetts is seeing a lobby for sports betting. DraftKings is pushing for legalization in that state. Massachusetts is home to numerous sports teams, including the perennial powers in the NFL, the New England Patriots. They are based in the greater Boston area, as are the Boston Celtics, the Boston Bruins, and the Boston Red Sox.

Phil Murphy, the governor of New Jersey that signaled the legalization of sports betting in his state with a pair of bets on Thursday morning, might soon wish for his $20 bet on Germany to come back.

Murphy backed the Germans to win the 2018 World Cup ahead of their first game. However, on Sunday from Russia, the Germans were dealt a 1-0 blow as they fell to a determined Mexican squad.

The beauty with Ante Post bets, of course, is that the result doesn’t hinge on one game. Those that backed Germany, like Murphy, will now be looking for that squad to rally in the games ahead in order to make the elimination rounds.

But while the equity on Murphy’s bet has tanked, at least for the time being, the numbers at New Jersey’s Monmouth Park were reportedly great this weekend. That was the venue where Murphy made the first legal wager in New Jersey.