New Jersey this year brought in an additional $265M in sports betting revenue, nearly 24% more than last yearGETTY IMAGES
One year after the U.S. Supreme Court overturned the federal ban on sports betting, New Jersey, which opened for sports betting last June, has seen nearly $2.64B "wagered in the state on sports," according to Wayne Parry of the AP. The "extra money from sports wagers, along with another stellar month for internet gambling, helped the state post an overall increase in gambling revenue" of over $265M, or nearly 24% compared to a year ago (AP, 5/14). In Philadelphia, Andrew Maykuth noted New Jersey's "online and retail sports betting declined" 16% in April in the "aftermath of college basketball's March Madness." The state's sportsbooks took in $313.7M in bets in April, down from $372.5M in March. New Jersey sports betting generated $21.2M in revenue in April, down 33% from March's $31.7M (PHILLY.com, 5/14).
EXCEEDING EXPECTATIONS: Former New Jersey Gov. Chris Christie said the nearly $2.64B in bets happened because "we've made it easy for people to sign up and to participate." Christie said of mobile betting, "Given that we're competing with off-shore companies that have been doing it illegally over the internet for years that's the thing states have to do to get into this business and to succeed." He added after pro leagues initially fought to keep gambling illegal, they are now "scrambling to partner with those in the gaming industry so they can get a piece of the pie," but any states "willing to do it legally would monitor it, regulate it and make sure that it was not affecting the integrity of any of the sports." Christie said the leagues were "dead wrong on their read from the beginning." He added, "Now the leagues just want to be a part of the action and you see them partnering with casinos and other companies that are in the gaming business in a way that I think is going to be good for the leagues and good for the consumer" ("OTL," ESPN, 5/14).
