New Jersey’s legal sports betting market generated ‘revenue’ of nearly $3.5m in its first few weeks of legal wagering, but some caveats apply.

Figures released Thursday by the New Jersey Division of Gaming Enforcement (DGE) show the state’s licensed wagering operators generated just under $3.46m in revenue since the first legal wagers were made on June 14, although this figure bears some scrutiny.

For one thing, the revenue number includes just over $1m in pending wagers on ‘future events’ and $1.2m of “unredeemed winning wagers/adjustments,” so the DGE is, for the time being at least, treating cash in the till as revenue. Stripping out those numbers, the revenue figure shrinks to $1.2m, which equates to a hold rate of 7.8% on total betting handle of $16.4m.

Of this handle, $15.4m was wagered on completed events, while the remaining $1m went toward future events. The vast majority ($10.1m) of completed events handle was spent on baseball, while $2.2m went to the 2018 FIFA World Cup tournament.