New Jersey sports betting industry is celebrating its first year in business. It was in June 2018 when Governor Phil Murphy placed the first legal sports bet in the state. He bet Germany will get the World Cup and the Devils to win the NHL title.
Although he lost both bets, the state is a winner. In the first year of legalized sports betting, New Jersey is fast becoming the biggest sports betting state with $2.9 billion in wagers in the last year. The total included $319 million in May, which was higher than the $315 million of Nevada.
New Jersey sports betting companies earned $194 million and paid $22.6 million in taxes. The taxes from sports wagers were more than the $13 million estimated by betting software platform professionals in May 2018.
New Jersey Sports Betting
Most of the New Jersey sports betting came from online sportsbooks. Sports bettors wagered more than 264 million through online bookies. Retail sportsbooks only got $55 million in bets placed. Also, online sportsbooks paid more taxes to the state due to the 13 percent rate on their revenue. On the other hand, brick-and-mortar bookies have an 8.5 percent tax.
New Jersey is a success story that should be emulated by other states in the US. At the rate it is growing, NJ can overtake Nevada as the sports betting capital of the US. At present, there are 10 sports betting facilities in the state. In addition, each of them offers mobile betting.
After the Supreme Court ruling on the PASPA, six other states legalized sports betting. They are Mississippi, Pennsylvania, Delaware, New Mexico, and Rhode Island. More states are working on making sports wagering legal.
Sports betting is doing well in New Jersey. If you want to venture into the industry, make sure you use the best sports betting software. That way you can compete with the established brands in the state.