It has been quite the run for the state of New Jersey since officially opening for business in the sports gambling world last June.
The State of New Jersey website reported that the online sportsbooks and retail spots in the state have earned about $3 billion in bets placed and roughly $200 million in revenue over the last year.
In May alone, New Jersey took in an eye-opening $318.9 million for the month. With that, it seems as if the Garden State might topple Nevada in monthly revenue. New Jersey seems ready to do that with Nevada’s May numbers set to be released later in June.
“The emergence of sports betting has played a tremendous role in this rejuvenation of our gaming industry,” New Jersey Gov. Murphy said at the East Coast Gaming Conference in Atlantic City, according to NJBiz.com. “Today, we’re staring straight at the possibility of something that would have been unthinkable just 18 months ago – that New Jersey – yes, New Jersey – can very soon dethrone Nevada as the sports-gaming capital of America.”
The overall handle in May increased 1.7 percent from the reported number of $313.7 million in April in New Jersey.
The only figure that took a hit in May was the overall handle revenue as New Jersey took in a reported $21.2 million in April and dropped to $15.5 million in May. Just north of 82 percent of the handle was earned from the sports betting done online through mobile devices and computers at a reported $263.6 million.
Since last June, when New Jersey legalized sports gambling in the wake of the U.S. Supreme Court’s decision to overturn the Professional and Amateur Sports Protection Act, the Garden State’s online sportsbooks have earned a winning total of $94.1 million and $16.5 million in state tax revenue.
FanDuel has sportsbooks in place in New Jersey.
The FanDuel Sportsbook/PointsBet took in nearly $8 million in online gross revenue to finish at the top of the online market. Also, the FanDuel Sportsbook at The Meadowlands is the leader in the retail market, taking in just under $800,000 in May gross revenue.
Atlantic City is packed with casinos and these sportsbooks by FanDuel are ideal for their bettors to get their action going. Also, being so close to New York City has been a huge factor in the amount of money which New Jersey is raking in, as New York has yet to legalize sports wagering.
New Jersey is doing a very good job at making sure it easy to make bets and there are many options that they give their gamblers. Mobile options have consistently accounted for the vast majority of New Jersey’s sports betting intake.
Sports are always a hot commodity in the area and with the amount of casinos and regulars that crowd the nightlife, the action won’t be slowing down anytime soon. No wonder New Jersey is closing in on Nevada and even posting similar or better projected revenue numbers.