NJ Might Lose Its Position as the Top Sports Betting State
New Jersey gamblers bet more than $1 billion in three months starting in September at three racetracks and nine Atlantic City casinos (December data will be announced on Friday). However, analysts estimate that when reports begin to include data from this month, a significant portion of New Jersey’s account will vanish.
On Jan. 8, four companies were given the go-ahead to receive mobile wagers in New York, and more are anticipated to follow suit throughout the next month.
According to Roger Gros, publisher of Global Gaming Business magazine, many New Yorkers used to travel to New Jersey simply to gamble on sports, but now they don’t have to.
One must bet from within the borders of a legal state for their app to be legal.
According to early reports, betting activity was high in the first few days of mobile sports betting in New York, according to Gros. He said that gambling activity didn’t look well for New Jersey right now, predicting that the state’s handle may drop by as much as 20%.
New York is anticipated to overtake Las Vegas in sports gambling volume due to its population. In recent months, New Jersey has had the highest volume of online gambling in the nation.
According to industry expert Anthony Marino in Atlantic County, between 20 percent and 40 percent of New Jersey’s sports-betting handle in 2021 came from New York citizens. The majority of such wagers were placed at Oceanport, Freehold, and East Rutherford racetracks.
According to Marino, there will be an immediate impact on New Jersey sports gambling earnings. And it will be the first clear indication to officials in New Jersey that they would begin to lose a substantial income that they had assumed would continue for a long time.
The New York City levies a significantly greater tax on sports betting than New Jersey, but there’s no evidence that New York bettors are obtaining lower odds than New Jersey bettors at this time. If you’d like to know more about sports betting with bitcoin, go now to Cryptonewsz.com by following the link.
Gros speculated that apps would be more active — via rewards, for example — with New Jersey players because their bets would earn them more revenue than wagers made in New York.