Tuesday, May 21, 2024
HomeUncategorizedHow Much Does NJ Make From Sports Betting?

How Much Does NJ Make From Sports Betting?

- Advertisement -

The best sports betting operators in the Garden State impress with advantages like ease of use, streaming and live betting capabilities, promotions for current users, attractive welcome bonuses, and more. Quality betting sites offer coverage of baseball, basketball, football, and other major US sports. Other sports to bet on include tennis, cricket, MMA, and boxing.

Advantages of NJ Online Betting

Bonuses are one major advantage of online betting in New Jersey and other states. Land-based operators don’t have as many interesting offers. Online sportsbooks attract customers with promotions like free bets, free money, and a wide choice of markets. You can bet on sports events in the US or anywhere else in the world. What’s more, the best sportsbooks have outstanding odds to choose from. You can benefit from an attractive payout and enjoy countless hours of betting with a vast variety of bet types supported.

- Advertisement -

Another advantage is convenience. The best sites for sports betting in NJ guarantee 24/7 access, so you can place wagers on your phone and/or from the comfort of your home anytime you want.

How Much Does NJ Make?

With so many perks, one can expect New Jersey to be making quite a bit of money from sports betting. The state legalized the activity of land-based operators in 2018, after which NBA, MLB, and college sports betting became possible. The state earned $5.8 million in tax from sports betting in February of this year. This figure stood at just under $11 million in January 2021. The previous month, New Jersey’s Department of Gaming Enforcement reported that gamblers had wagered an impressive $996.3 million, breaking the record for one state in just one month.

- Advertisement -
How Much Does NJ Make From Sports Betting? - THE SPORTS ROOM

Nevada achieved a record of $5.4 billion in total in 2019. This record was broken by New Jersey in 2020 with just over $6 billion, but that year, Nevada beat NJ again with gross revenue of $7.87 billion. The pandemic forced land-based gambling operators to shut down in 2019. Bettors wagered about a third more with New Jersey sportsbooks in 2020 than in 2019. In 2020, US casinos grossedjust under $30 billion in gaming revenue.

Nationwide, the bulk of bets in December 2020 was made online: 93.2% to be exact. Most of these were on football, with a total value of $1.4 billion. With $1.1 billion, basketball came second.

- Advertisement -

The Game Changer for the Garden State

One cannot dispute that New Jersey’s revenues from gambling will keep increasing. It was in the top three biggest earners last year, ranking between Nevada and Pennsylvania. This begs the question of the secret to their success. The cornerstone has allowed residents to sign up with more mobile sportsbooks regardless of which town or city they live in and incorporate online betting.

Important Developments

In early 2021, New York Governor Andrew Cuomo announced a legislative initiative to allow mobile betting on sports in his state. He justified this measure by the fact that New York was facing an unprecedented budget deficitdue to the coronavirus. He claimed a lot of New Yorkers continued to “patronize”black markets or travel out of state to bet on sports online. He cited recent research, which showedNew York residents generated up to a fifth of New Jersey’s sports wagering revenue.

On a final note, New Jersey residents lost a total of $393.2 million in 2020. This is the biggest amount in any one year that a statehas recorded.

- Advertisement -
Abhishek Singh
Abhishek Singhhttps://thesportsroom.org
Abhishek is a veteran journalist who covers the sport of MMA, Muay Thai, Kickboxing, Arm-wrestling, Boxing and Pop Culture. His passion for Combat Sports began when he first saw the highlights of boxing legends like Manny Pacquiao, Arturo Gatti, Miguel Cotto etc.
- Advertisment -

Subscribe to get notified for latest news and updates

Latest Articles

More from author

- Advertisment -