A year ago in June 2018 sports betting was legalized in New Jersey. They were the third state in the US where sports betting were legalized, only exceeded by Nevada and Delaware. This was a mere month after the Supreme Court overturned the ban on sports betting which was active since 1992. Now they have tallied their total in revenue created through sports betting, and the amount exceeded expectation.
New Jersey is the Largest Sports Betting Market in the US
In May, the total amount of revenue earned through betting was $318.9 million. This number was 1.7% up from the $313.7 million raked in during April. Thus bringing the total of revenue earned over the one year to an astounding $3 billion. With these earnings on revenue, New Jersey could be exceeding Nevada. Nevada’s May figures aren’t released yet.
In comparison to their May 2018 revenue of $315.5 million, New Jersey has exceeded them. This might also be because both baseball and basketball have a stronger interest in New Jersey than in the Silver State. Either way, the Garden State is very excited about the possibility that they might be the most significant contributor in the legal sports jurisdiction of all the states.
82.6% or $263.6 million of May’s handle came from online sports betting. The gross revenue by FanDuel Sportsbook/Points bet sums to $7.9 million while their rivals, DraftKing generated $4.1 million. DraftKing is primarily representing Resorts online income. These two is by far overshadowing FanDuel at The Meadowlands. FanDuel at Meadowlands is still leading the retail market but at a mere $796,469. This is also a tremendous decline since April, which stood at $3.3 million.
A variety of locations are available to sports betters to get some legal action. These include racetracks. The state’s first sportsbook was opened at Monmouth Park Racetrack on June 14, 2018. Meadowlands was an excellent option for New Yorkers to place their sports bets until the process was now finalized in New York as well.
Hotel casino’s where sports bets can be placed includes Borgata, Ocean Resort Casino, Golden Nugget, Resorts Atlantic City, Harrah’s, Bally’s and Tropicana. Currently, there are 14 online sportsbooks. Of these the leading names are DraftKings affiliated with Resorts Atlantic City, also BetStars with a Resorts AC affiliation, FanDuel at Meadowlands, Caesers at Caesars, PiontBet also affiliated with Meadowlands, Golden Nugget with Golden Nugget and SugarHouse Sportsbook at Monmouth. Shortly after the legalization of sports betting, DraftKings and Resorts Atlantic City teamed up, and the result was that they delivered DraftKing as the first New Jersey online sports betting site available to the market. This was the case for the more significant part of August until others joined in.
With this kind of revenues, advocates for the cause of legalized betting in other states will surely be pushing harder for legislation to pass in their countries as well.