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Volume 25 No. 156

Gambling

New Jersey bettors have wagered $597M since sports gambling began in the state in mid-June, and in October alone, $260M "was wagered across the Garden State," according to Max Jaeger of the N.Y. POST. This year, New Jersey has "hauled in" $5.5M in "taxes on bookmakers’ nearly $52 million in sports-betting revenue" (N.Y. POST, 11/16). In Philadelphia, Andrew Maykuth notes New Jersey's 10 licensed bookmakers "reported sports betting revenue" of $11.7M in October, a 51% "decline from September, when casinos and racetracks reported a stunning" $24M in revenue. The decline in sports-betting revenue "does not reflect a slump in the confidence of bettors, according to a report released Thursday by the New Jersey Division of Gaming Enforcement." Bettors wagered $76.8M "more in October than the previous month," which is a 41.8% "increase in total monthly handle" from $183.9-260.7M (PHILADELPHIA INQUIRER, 11/16).

MORE COMING SOON: REUTERS' Hilary Russ reported at least a "dozen more U.S. states could legalize sports betting in the coming year, and up to eight could have operational sports books ready to take wagers before the start" of the '19 football season. In addition to the five states where sports wagering is currently allowed, Sportradar Group VP/Legal & Regulatory Affairs Jake Williams said that "another four to eight will 'probably be accepting bets by the coming football season.'" Williams added that within 24 months, there "could be a total of 24 states offering legal sports betting." Michigan state representative Brandt Iden said that he "expects a bill introduced last year to allow mobile gaming to soon pass, and he hopes it will be signed by the governor by the end of this year." That would "allow Michigan to implement a statutory framework for sports betting next year, then combine it with this year’s legislation so both online and retail sportsbooks could roll out at once" (REUTERS, 11/15).

A CASE FOR NEW YORK: A POUGHKEEPSIE JOURNAL editorial went with the header, "New York Should Legalize Sports Betting." State lawmakers "decided to delay addressing the sports wagering issue this past legislative session," as legalized sports betting in the state "has its critics." However, supporters "counter that legalizing sports gambling not only will strengthen the state’s casino industry and the jobs it creates, it will bring this popular form of betting out in the open, making it a regulated, legitimate and taxable operation." That represents "three good reasons for the state to act sooner rather than later, especially since, once again, it is losing revenue to a neighboring state" (POUGHKEEPSIE JOURNAL, 11/15).