How New Jersey Became the Sports Betting Capital of the USA13/09/2020 14:59
Sports betting is a hugely enjoyed pastime almost all over the world, but it was not until recently when its popularity broke out like wildfire in the USA as well. More and more people are taken with wagering on sports that are popular not only in the country but in other parts of the world.
In spite of the fact that wagering on sports was made legal in New Jersey only two years ago, the popularity of this form of entertainment took the state by storm, and the figures come to prove that. The sports betting industry in the state keeps on burgeoning as recent data shows that New Jersey has already managed to surpass Nevada, which until recently was the betting capital of the USA.
What Led to These Changes
As it turns out, most lovers of sports betting did not pin much hope when governor Chris Christie called for the legalization of wagering on sports. He considered that sports betting has been held back in the state, which is the reason why he signed a law that should make wagering on sports possible without obtaining a license or taking into account the laws that were in place.
In spite of the fact that this law was turned down by several lower courts, the Supreme Court ultimately gave it the nod, thus paving the way for the further development of the gambling industry in the state.
After the surprising victory of the state in the Supreme Court, several other states also followed in the footsteps of New Jersey as West Virginia, Delaware Mississippi, New Mexico, and Pennsylvania also came up with laws that should give their citizens the freedom to wager on sports.
Of course, gambling enthusiasts are only permitted to bet on sports using New Jersey-oriented sportsbooks or mobile apps, on condition that they are physically in the state.
Generally speaking, New Jersey’s laws and regulations on gambling are much more permissive when compared to laws in other parts of the USA, which comes to explain why it has developed into a sports betting hotspot.
The Unseen Growth
As it turns out, online wagering on sports remains one of the driving powers of the growth the state saw over the past few months as the share of the people who switch to betting over the Internet is constantly on the rise.
Interestingly enough, when gambling was made legal in the state, initially, there were a total of seven online betting sites and eight physical establishments. Considering the unseen demand, it is of little surprise that just a year later, the number of physical gambling venues grew to 10, while the interactive ones were already 15. Naturally, since more and more people switch to betting on sports over the Internet, it makes sense that five more approved US sites for betting came online.
In essence, it is not so surprising that New Jersey is in the lead when it comes to wagering on sports due to the fact that the conditions in the state are much more favorable in comparison with other parts of the USA. This is so mainly because the local online market is much more robust and the population of the state is significantly larger.
Furthermore, a recent survey has shown that approximately 80% of all wagers made on sports are handled over the Internet. What is even more surprising is that nearly one quarter of these bets are placed by New Yorkers who have visited New Jersey.
What Do Figures Show
In essence, the numbers come to show that it took New Jersey less than a year to surpass Nevada as far as the wagers made on sports on a month-by-month basis go. New Jersey managed to edge Nevada out for the first time in 2019 as back then, the sportsbooks in New Jersey took in with $1.5 more than the ones in Nevada.
New Jersey got ahead of the competition also in June when the difference between the amounts taken in by sportsbooks became even more ostensible as it came approximately at $16 million.
According to most experts, New Jersey has further widened the lead when compared to Nevada also because of the last NFL season. The gambling industry in New Jersey is likely to continue to be in the front and center as more interactive sportsbooks are expected to get their operations going in the near future.