New Jersey could be the top US sports bet market by 2020
Sports betting was launched in New Jersey in 2018 and the business became one of the most sought out robust markets in the world. The NJ sports betting law was signed by Governor Phil Murphy on June 2018 and the first mobile sportsbook became live on the very next month. As per the law, every racetrack and casino can offer sports betting if they are approved to do so which includes the three racetracks (Freehold Raceway, The Meadowlands and Monmouth Park) as well as all the Atlantic City casinos. Besides the online mobile apps, legal sportsbooks have made their mark both at sports tracks and casinos.
According to the governor of New Jersey, the state has the potential to become the top sports betting market in the nation by next year. Democrat Phil Murphy spoke at the Betting On Sports America conference about the fast-growing market of New Jersey that could surpass the undisputed leader of the nation, Nevada in the coming year.
Murphy said,” Nevada is clearly in our sights…We can overtake it as early as next year.”
Can New Jersey really become the leader of the US sports betting market?
To back up his statement, players of New Jersey have wagered more than $2.3 billion in the last ten months. Sportsbooks of the state made $200 million in revenue in the same period of time. Compared to that, Nevada wagered $5 billion last year. This puts both the states at par with each other.
A republican, Mr Christie said, “It happened a little quicker than we imagined…But I had no doubt that we would, just based on demographics and how we structured the thing, that we would do extraordinary.”
Last year, New Jersey won a case at Supreme Court which allowed all 50 states of the nation to conduct sports betting legally if they choose to do so. Till now, 8 of the 50 states have considered the proposal. The state harbours over 9 million residents.
A renowned gambling analyst of Eilers & Krejcik Gaming, Chris Grove stated that whatever Murphy said can be entirely possible if you consider New Jersey’s growing mobile sports betting industry, drive-in bettors from New York and large population.
“New Jersey’s population advantage, drive-in traffic from New York, and superior mobile sports betting product are the primary forces driving New Jersey ahead of Nevada,” he said. “It’s not a guarantee, but it’s certainly plausible.”
Unlike the other states like Mississippi, West Virginia and Rhode Island, the state of New Jersey is the only state with the ability to bet from a smartphone. So, hailing as the top sports betting sector in the US market is not too farfetched. If the other states of the country develop their market sooner, then, New Jersey may get surpassed by the other states. But for the time being, New Jersey is having the limelight especially due to the young casino market of Pennsylvania and the absence of a legal sports betting in New York. If New York approves sports betting in the coming years, then its revenue could deeply cut into the market advantage of New Jersey.
Things to consider
Well, on the other hand, the legalizing of sports betting have provided mixed results for the Atlantic City casinos. Since legalization, most of the casinos have seen a decline in their annual revenue but that can be attributed to two major factors: the Hard Rock and Ocean Resorts which have diluted their business. Nevertheless, the legalization has resulted in more footprints on the casino floor, according to the Atlantic City officials.
SummaryName: New Jersey could be the top US sports bet market by 2020
Author: Emma Ward
Published Date: 09/09/2019