New Jersey Surpasses Nevada in Sports Betting Earnings
Sports betting has been on offer for almost a year now in New Jersey and the state has finally been able to beat Nevada, the state with the longest running sports betting business in the nation. For May, New Jersey was able to produce $318.9 million in sports betting handle while earning $15.5 million in revenues. Since launching, New Jersey has been able to earn close to $3 billion in handle overall.
Once the New Jersey Division of Gaming Enforcement released the numbers, it was expected that they would be better than those of Nevada. Guesses were right as Nevada was able to generate just over $317 million in handle with $11.6 million revenues for the month.
New Jersey has been on a streak as of late, earning big numbers in every gambling sector they operate. Online casino gaming is always booming and sports betting is gaining ground as well. While Nevada reigns supreme in sports betting overall with major events such as the Super Bowl or March Madness, it seems New Jersey has been able to reach the number one spot with their mobile gaming options.
New Jersey has been quite successful with their mobile options, seeing large growth involving their sports betting applications. In the state, more than four out of five wagers take place online instead of at land-based venues. The state sees bets placed by residents as well as those who live in nearby New York.
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Unlike Nevada, players in New Jersey can sign up and fund their online betting accounts remotely. This is a big convenience that has more players signing up and taking part in the betting industry as a whole. The apps are user-friendly and are offered by well-known brands like DraftKings and FanDuel, which is also appealing to players.
Casino operators in Nevada have asked to allow app signups to be remote, but regulators have yet to give in. This disadvantage may keep them in the number two spot from here on out.
With the May totals, New Jersey was up very little by way of handle but their revenues were around $4 million more than that of what Nevada was able to bring in. If the state continues to operate in the same manner, they may be able to maintain the top spot in sports betting across the nation.
For years, Nevada had no competition and now as more states get in on the sports betting action, they are finding they may not be able to hold the top spot any longer.
After launching sports betting, New Jersey quickly began to see revenues come in, particularly once launching online options. Players in the state prefer the online option and most states are not offering the ability to wager online, just via land-based books. If that remains the case, New Jersey may hold on to the top spot for quite some time as they do not have to face any online opposition.