NJ Betting Revenue Almost Equal To Vegas
Nevada is known for generating enormous amounts of money with its legalised gambling market, and Las Vegas is generally perceived to be the United States gambling capital. But this may soon change. Sports betting was legalised in New Jersey in June 2018, and since then, revenue generated from betting activities has been climbing at an incredible rate.
Analysts have now stated that New Jersey is set to overtake revenue generated by Nevada, at least in terms of sports betting. A report released by PlayNJ says that in the just 12 months since the legalisation was made official, a massive $3 billion in bets were placed in the state. Revenue generated was $200 million. If the rising trend continues, Nevada will soon have to hand over the crown to the new champions.
Success Beyond Expectations
Betting analyst Dustin Gouker expressed what everyone was thinking. Perceptions were that legalised sports betting would be big in the Garden State, but few thought it would be the massive success it was turning out to be. The revenue generated in the small period was completely beyond predicted expectations.
But a look at the data released showed that bets in the area heavily favoured Basketball and Baseball. It therefore made sense that April and May would be the biggest months in the region, given that it is the sporting season peak. So, although New Jersey was set to overtake Nevada, it may only be a temporary lead.
The Biggest Winners
It seems that gambling in the state massively favours the online sector. 82% of all bets placed were done via online bookmakers, with $263.6 million generated in this way. The biggest 4 sportsbook earners for the month of May were PointsBet, Resorts, DraftKings and FanDuel, who accounted for 87% of the grand total.
FanDuel came in first with a total of $7.9 million, and DraftKings in second with $4.1 million. In terms of land based wagers, the FanDuel land-based wagering station in Meadowlands came out on top, reporting earnings of $796,469.
If New Jersey does indeed dethrone Nevada as the biggest legalised sports betting state, it will be a momentous occasion for the United States. Analysts seem to think that it is inevitable based on current data. But even if it does occur, this will only be in one area that the Garden State is in the lead. In all other gambling related activities, Las Vegas will still be on top.