New Jersey Sports Betting may be brand new, but the sky is the limit if initial financial indications are anything to go by.
New Jersey Division of Gaming Enforcement announced that over a collective operating period of just 37 days in June, Monmouth Park, Borgata Casino and Ocean Resort Casino banked $16 million in sports bets. For the state of NJ, this represents a handsome little sum of $3.5 million in tax revenue for the period 14 to 30 June.
Predictions are that NJ sports betting online will explode in forthcoming months as the market continues expanding and neighboring states fail to get their legislation in place to permit local sports-betting in their jurisdiction.
An example of this is New York, who is yet to get their ducks in a row in spite of having the highest number of potential sports bettors. New York residents will now have to travel to Meadowlands to make NFL bets this football season; however, with mobile potentially being available, they could simply cross the border to place wagers and be home in next to no time.
Most of the online casinos in New Jersey have made clear plans to launch sports betting online, however, we have still not heard whether or not Hard Rock online casino plans to make betting available before the 2018 NFL season
Pennsylvania and Philadelphia likewise may gift New Jersey with sports betting tourists.
Although Pennsylvania has legalized sports-betting, it’s rolling out at an agonizingly slow pace due to high license fees and taxes set at a punishingly high 36%, which could even see it fail before it gets out the gate. Should PA sportsbooks not be launched in time for the NFL season, New Jersey could be the unintended beneficiary of plenty more investment.
The moratorium on online sports wagering came to an end on July 10th, and more online sports-wagering license applications are being received proving that the market should be expanding dramatically in next to no time if all applications are successful.
Locally, Monmouth Park and Meadowlands are offering sports-betting, but it’s unknown whether the third racetrack in the state, Freehold Raceway intends entering the arena.
What we do know is that at least four more AC casinos intend offering sports betting – these being Golden Nugget, Bally’s, Resorts and Hard Rock AC. Meanwhile, Tropicana and Harrah’s intentions are not clear, with Caesar’s stepping aside in favor of their associated business Bally’s right next door.
To summarize, more license holders means more competition in the sports betting market; and this, in turn, will create an environment with more promotions, more aggressive marketing and rapidly increasing awareness. The future looks assured!