Last week we witnessed the one-year anniversary of “history in the making” for legalized sports betting in the U.S. when the first legal bet outside of Nevada was placed in New Jersey. As other states kept a close eye on the state to see if it would witness financial gains worth the efforts, they found that legalized sports betting is indeed proving to offer financial gains for New Jersey, with revenues reaching the billion dollar mark and hundreds of new jobs being created in the Garden State as well. It looks as though the years of court battles and negotiations with pro sports leagues is proving to be paying off.
But can what the governor said in his speech at the East Coast Gaming Conference in Atlantic City be true: “New Jersey — yes, New Jersey — can very soon and will very soon dethrone Nevada as the sports gaming capital of America?”
Indeed, the Garden State has seen $2.94 billion in sports bets since Murphy’s first wagers last June. And state officials are anticipating that number to surpass $3 billion by the end of the month.
But what about Nevada? The state is still holding its number one spot with sports betting revenue reaching more than $5.2 billion in that time. New Jersey is getting closer, especially in comparison to other states that are still generating revenues in the millions, however they still have a way to go.
Perhaps the large gap pushing New Jersey to the second seat is thanks the states quick approvals for mobile sports betting. The mobile business is reportedly accounting for 80 percent of the bets being placed within the state perimeters.
New Jersey is expected to remain one of the top three sports betting markets in the U.S. as other states continue to roll out their legalized sports betting laws, but is it capable of being the top when it reaches maturity?
Looking forward, aggressive new developments in sports wagering for states like Illinois could shake things up a bit, bringing in tougher competition. Although other states outside of Nevada might not pose a threat in the immediate future, it is inevitable down the road.