Group Created with Sketch.
Volume 26 No. 207
  • Created with Sketch.
  • Created with Sketch.
  • Created with Sketch.

New Jersey Sports Bettors Surpassed Nevada In Wagers During May

New Jersey "notched a milestone in its rapid rise in the booming sports betting industry," as bettors "wagered more in New Jersey than in any other state in the country during May, edging past Nevada and the famed Las Vegas sports books" by $1.5M, according to Nick Corasaniti of the N.Y. TIMES. New Jersey sports books took in $318.9M in bets, while Nevada took in $317.4M. Former New Jersey Gov. Chris Christie, who was at the forefront of the state's efforts to legalize sports betting, said, "It happened a little quicker than we imagined. But I had no doubt that we would, just based on demographics and how we structured the thing, that we would do extraordinary." Corasaniti noted the results have been "staggering, even for bullish industry insiders." In the 12 months since the legalization of sports betting, New Jersey has "taken in more" than $2.9B in sports bets, resulting in nearly $200M in revenue for "multiple sports books." By far the "most popular form of sports betting in New Jersey is not at the tracks and casinos, but on smartphones" -- roughly 80% of the bets are "made on mobile devices." In Atlantic City, the "impact of sports betting is mixed." Most casinos have "seen revenue decline in the year since sports betting was legalized, but that is largely attributable to two new casinos -- the Hard Rock and Ocean Resorts -- opening last year and diluting business" (N.Y. TIMES, 6/29).