New Jersey Sports Bettors Wager Over $3 Billion in First Year
New Jersey has quickly become the standout when it comes to sports betting in the United States. Gamblers in the state have continued to enjoy both land-based and online sports betting options, with the first year of operations seeing over $3 billion wagered. The industry continues to grow at a rapid rate and New Jersey only continues to inch closer to taking the lead over Nevada in the nation as the top operating state for sports betting.
The New Jersey Division of Gaming Enforcement released figures last week which showed the racetracks and casinos of the state took in $273 million in wagers just in June alone. Since sports betting launched on June 14th, 2018, the state has seen a total of $3.2 billion wagered.
One month earlier, New Jersey pushed ahead of Nevada regarding the amount of sports bets placed for the month. Coming in at around $1.5 million more than Nevada, New Jersey managed to see $318.9 million in bets placed. Nevada’s June figures will be released soon, so we will then see just how successful New Jersey was when comparing their totals.
Sports book operators are surprised at how well the industry has done, considering it is relatively new. In Atlantic City as well as at racetracks like the Meadowlands, operators are commenting on how they have fared so well.
The Meadowlands Racetrack in North New Jersey has done extremely well, having earned close to $58 million in revenues from sports betting after paying out winning wagers. This is more than Atlantic City casinos combined, which is crazy if you think about it!
Earnings and Taxes
While sports betting has boomed, the state has benefited as much as one would expect from the industry. Taxes are generated only after the operators have paid the winning bets from revenues as well as paying other expenses. The tax amount is not generated from the total amount of bets mad.
For 2019, the state’s tracks and casinos have earned $109 million. Of that amount, they have paid $13.3 million in taxes to the state. Within the one year of operation, the state has earned $23.8 million in taxes, based on information from the New Jersey Casino Control Commission.
Even though the numbers are relatively small when compared to the overall bets placed within the year of being in operation, the millions are welcome in the state. Sports betting is going to be big business and only continue to bring in much-needed funds to New Jersey.
The state has shone brightly when it comes to being an example as to what one can expect when getting started with sports betting. Other states have been watching to see how New Jersey fares before creating legislation of their own. States pattern their own legislation after the state, including tax percentages and licensing fees.
For 2019, several states have already passed legislation to legalize sports betting while others are staying over in session to give sports betting measures a thorough review. As New Jersey continues to dominate the new industry in the United States, the activity only proceeds to grow as other states see how they can benefit from offering the activity.
We shall in the coming months how New Jersey finishes the year when it comes to sports betting and if they will take over as the number one state when it comes to the industry. They are close to doing so after a successful few months!