Is New Jersey the New Sports Betting Capital of the USA?7 months ago
The sports betting industry in New Jersey is booming. After only three year since the federal court passed a judgement declaring the ban on sports betting outside of Nevada unconstitutional, New Jersey is leading the way.
Is New Jersey the sports betting capital of the USA? Search engine volume for terms such as sports betting NJ online has skyrocketed in the last 12 months.
Deserved SuccessIt’s no surprise that the Garden State should be the one having the most success. After all, it was they who fought hard for over 10 years to allow states to choose for themselves if they wanted sports betting.
Only four weeks after the US Supreme Court voted 6-3 to allow legalised sports betting, New Jersey spurred into action and the first legal bet was placed at Monmouth Park Racetrack in June 2018.
A little over three years later and they now put even Nevada into the shade when it comes to betting volume on sports.
Record Breaking YearWe still haven’t finished Q3 of 2021 and already the revenue figures have surpassed the 2020 total. After the first eight months of this year a total of $6 billion in revenue was collected, leaving experts predicting that the state would soon be the first to pass the $1 billion in a month mark.
It came close in December 2020, when the NFL season was in full flow and a $996.3 million total was posted, so we shouldn’t have to wait much longer to see this record broken.
Eric Ramsey, analyst for the PlayUSA Network, said: “The state’s online casinos continue to churn out $100 million-plus revenue months, month after month, and August’s growth shows just a hint of what is to come for sports betting. Now the state’s sportsbooks and online casinos are both poised to reach heights that not long ago were thought to be impossible.”
Industry Home StateIn what looks like a move confirming the above thoughts, the peer-to-peer U.S. sports betting exchange Prophet has announced its intention to set up headquarters in Hoboken, New Jersey.
The company aims to revolutionise online sports betting in the US using the Betfair model of allowing its customers to set their own odds and paying a small commission on any winnings.
Speaking ahead of a full launch planned for the end of this year, Dean Sisun, Prophet CEO and co-founder, said: "New Jersey has solidified itself as the new home of sports betting in the USA, thus making it the natural place for us to have our headquarters.”
New Jersey was one of the trailblazers to implement regulated online poker and is now the nation’s leader when it comes to sports betting. We look forward to seeing what else the come up with as the US continues to open up further to online gaming.
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