New Jersey Gov. Optimistic On State Becoming No. 1 In Sports Betting
New Jersey Gov. Phil Murphy has "proclaimed the Garden State to be the nation’s coming No. 1 location for sports wagering," according to Andrew Maykuth of the PHILADELPHIA INQUIRER. Speaking at the East Coast Gaming Conference and NextGen Gaming Forum on Thursday, Murphy said, "New Jersey -- yes, New Jersey -- can very soon and will very soon dethrone Nevada as the sports gaming capital of America." New Jersey soon will record $3B in sports bets since legal sports betting launched last June, and is "likely to overtake Nevada in gross sports handle in the next year" (PHILADELPHIA INQUIRER, 6/14). New Jersey officials said that sports betting has "helped provide a jolt to the state’s casinos and horse-racing industries, created hundreds of new jobs, provided the state with a bit more in tax revenue, and given New Yorkers a new reason to cross the Hudson River." Wallach Legal Founder Daniel Wallach, whose firm focuses on sports betting, said that a "large reason for New Jersey’s success has been that it quickly approved mobile sports betting." In Newark, Brent Johnson noted "only three other states -- Pennsylvania, Nevada, and West Virginia -- have mobile betting" currently. And that gives New Jersey a "significant edge" (NJ.com, 6/14).
EYES ON THE FUTURE: In Atlantic City, David Danzis notes legalized sports betting in New Jersey has given a rebounding gaming industry in the city a "significant boost." However, what sports betting will "look like a decade from now and how big of a financial impact it will have on the bottom lines for casino operators and the jurisdictions that license them is less of a certainty." New Jersey Division of Gaming Enforcement Dir David Rebuck said the early returns from sports betting in the state were "surprising." Despite the optimism, some casino operators are "urging caution when it comes to sports betting’s long-term impact, specifically in places where mobile and online wagering are offered." Cordish Co. Chair David Cordish said that he "believed allowing mobile and online sports betting is a 'big mistake.'" He added that states and casino operators "should not be looking at sports betting as a 'panacea,' especially 'if there are too many entrants and it’s not legislated to push people to casinos'" (PRESS OF ATLANTIC CITY, 6/14).