Yahoo Finance New Jersey reaches nearly $3 billion in betting in first year of legalized sports gambling
It was the state of New Jersey whose win in the Supreme Court last year opened the door for legalized sports gambling nationwide. So naturally, it’s also the state of New Jersey that is reaping the greatest rewards in the suddenly massive industry.
One year after the landmark case, New Jersey is now rivaling Nevada as the nation’s largest sports betting state with $2.9 billion in bets in the last 12 months, according to The Bond Buyer. That includes $318.9 million in the month of May, which actually outperformed Nevada’s $315.5 in May 2018.
New Jersey sportsbooks have made $194.1 million in revenue since they were legalized, generating $22.6 million in taxes for a state sorely in need of additional revenue. That tax revenue blows the state’s $13 million estimate in May 2018 out of the water.
The primary generator of this windfall: online gambling.
Per Bond Buyer, gamblers bet more than $263.5 million through online sportsbooks, dwarfing the $55.4 million bet in person. Not only did online sportsbooks attract more money, but they also garner more tax revenue for the state thanks to a 13 percent tax on revenue compared to 8.5 percent for land-based sportsbooks.
So basically, legalized sports gambling has been going pretty well for New Jersey, as summed up by Play NJ lead sports betting analyst Dustin Gouker speaking with Bond Buyer:
“We knew that sports betting in New Jersey would be successful, but it is fair to say that so far it has exceeded our expectations,” Gouker said. “$3 billion in bets in 12 months is an impressive milestone by any measure, and in just a year, New Jersey is set up to become the nation’s largest legal sports betting market.”
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