New Jersey Outshines Nevada Again in Sports Betting Revenues
For decades, the only state players could access sports betting was Nevada. Since last year, other states have now had the opportunity to legalize the option and offer service, with New Jersey shining above all others. The state was the driving force behind opening up the industry across the nation and one of the first to begin offering services. Over the past four months, the state has outperformed Nevada three times when it comes to monthly revenue earnings.
Sportsbooks operating in Nevada saw almost $288 million in wagers in August. This was around 16% more than the same month in 2018. While this was a huge amount, it was not enough to capture the first place spot. That crown goes to New Jersey, who saw just over $293 million bets placed.
As far as revenues are concerned, Nevada pulled in $18.7 million for the month which was a nice increase from last year when they earned only $12.6 million. However, New Jersey had a better month, earning over $25 million from bettors.
In New Jersey, mobile betting reigns supreme. Based on last month’s totals, just under 85% of sports bets were placed via a mobile device or online platform. Its amazing how much betting is done online in the state.
But think about this. The state offered 16 mobile sports betting apps during August, which is plenty of opportunity for wagering. In today’s society, every carries a mobile device, be it iOS or Android. If attending a sporting event, individuals may spot advertising for sports betting and decide to wager. Advertising plays a major role in how players are reminded to bet or feel compelled to.
Football season is also helping. With the NFL kicking off in early September and the NCAA just before that, it is expected that September totals will be even higher. If the state is able to continue their stronghold, they could surpass Nevada with even larger numbers as the football season is now in full swing.
For Nevada, the major producers of sports betting revenues were football and baseball. As the baseball season winded down, the betting mode switched to football as the season began. For Football, the state saw just over $72 million in wagers with revenues of $12.6 million. The hold in this section is 17.5%.
For baseball, just under $179 million was wagered while $6.6 million was earned in revenue. The hold here was 3.74%.
For decades, Nevada did not have any competition when it came to sports betting. Now, several states are in action and working towards gaining a top spot on the list of successful operations. Pennsylvania is now in the running and could give New Jersey tough competition. The state just recently launched online services and could generate some revenues from neighbor New Jersey that might hurt the state’s bottom line.
August was a big month for Pennsylvania as they generated $100 million in betting handle for the first time ever. The industry is still young in the state and they have potential to do quite well, especially with the latest football season, the Super Bowl and going into March Madness next year.
We shall stay tuned to the sports betting industry in the US as a whole and report as changes take place. For now, we see New Jersey continuing their stronghold in the market, possibly earning more than Nevada month after month!