Sports betting in New Jersey has skyrocketed since sportsbooks opened their doors just over four months ago in the Garden State. Bettors have laid down nearly $600 million in NJ sportsbooks since mid-June, with around $260 million coming in the month of October alone, according to the state’s Division of Gaming Enforcement.
“The numbers continue to be impressive,” said Joe Asher, CEO of William Hill US. “It’s important to remember that the NJ sports betting industry is just ramping up.” FanDuel Sportsbook, which operates with Meadowlands Racetrack, also enjoyed a bountiful October thanks to the growth of New Jersey sports betting, while the state has found a new source of tax revenue.
The state, supported by a lobby of NJ online casinos won a US Supreme Court case in May to help clear the way for all 50 states to offer legalized sports betting. According to figures from the state’s gaming division, New Jersey has pulled in $5.5 million from taxes on over $50 million in sports-betting revenue in 2018.
It’s no secret that New Jersey sportsbooks are experiencing exponential growth. Soon after sports betting went live just over four months ago, sportsbooks all over the state began reaping the benefits of legal sports betting. After wagering $96 million in August, New Jersey bettors wagered $184 million on sports in September.
“This was always going to be a goldmine for New Jersey,” said Raymond Lesniak, a former Democratic state legislator whose campaign against legal sports betting was turned aside by the Supreme Court. “I knew this from the start. The northeast and New Jersey are a hotbed for sports.”
The rise of sports gambling in New Jersey has already drawn comparisons from the Garden State to Las Vegas, the long-thought national leader of legal gambling. “New Jersey will eclipse Vegas,” said Chris Grove of Eilers & Krejcik Gaming, a sports wagering research firm. “It’s a matter of when not if.”
The growth of sports betting in NJ coincides with a couple of key factors: industry leaders like FanDuel Sportsbook and DraftKings Sportsbook introducing online sports betting apps, and the start of college and NFL football seasons. Nearly $90 million of the sports wagers in September in New Jersey were placed on football, according to the gaming division.
At the FanDuel Sportsbook at Meadowlands Racetrack, hour-long lines on weekends in September caused some to miss out on betting altogether. The sportsbook expanded onto a second floor to accommodate consumers and take the high volume of bets in a more timely fashion.
NJ sports betting has gone far beyond football, forming partnerships with the National Hockey League and New Jersey Devils in November. FanDuel will be an official betting outlet of the NHL and its exclusive daily fantasy sports partner. FanDuel becomes the third betting partner to link up with the Devils, who previously announced deals with Caesars and William Hill. The NHL recently announced its own multi-year partnership with MGM Resorts to be its official gaming partner.