New Jersey’s growing sports betting sector could be set to overtake the long-established Nevada market, according to a new report.
The study, by consulting group Eilers & Krejcik Gaming, suggests that the state’s sportsbook revenues could amount to $442 million in 2021, overtaking those of Nevada, which it estimates at $410 million for the same year.
New Jersey led the way in pushing for the legalization of sports betting, which was previously only legal in the state of Nevada. In May, the US Supreme Court overturned Federal legislation that effectively outlawed sports betting in the other 49 states, and following that decision, New Jersey was the first state to launch legal sports betting. State leaders are hopeful that the sector will also produce a revenue boost for the horse racing and casino industry in the state, as well as raising much needed state funds.
Combination of factors
In June, the Garden State produced $3.5 million in sports book gaming revenue, which increased to $3.8 million in July, with Ocean Resort, Meadowlands Racetrack and Monmouth Park racetrack leading the way.
According to the report, there will be eight online sports books operating out of New Jersey by the middle of September and up to twenty by the end of 2018, and that continued growth could propel the state past America’s traditional gambling hub in the long term:
We believe a combination of factors could push the nascent New Jersey sports betting market past the more mature Nevada market by as soon as 2021.”
Those factors include a change in attitudes among banks and other finance providers towards gambling transactions; the development of an advanced and competitive sports betting market, and the building of several land-based sportsbook facilities in the state. The report also predicts that cross-selling between sports betting and casino gaming will help to boost revenue and further strengthen the growing market.
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Marcus Holland is CEO and Editor of Wagered.com and has been writing for ten years about his two favourite topics – finance and gambling. Marcus has been featured on TheBigGame.co.uk, FuturesMag.com, Investing.com, and various other online publications. Contact him at email@example.com.