An article in the New York Post described how New Jersey is set to overtake Las Vegas as the sports betting capital of the world. We will already see this happening in the upcoming National Football League season, according to the article.
The NFL season will “open the floodgates of sports bettors flocking from New York City and Philadelphia to close what has been a fast-narrowing gap in total wagers,” reads the piece.
During last year’s season (September to January), New Jersey’s sports gambling handling stood at $1.5 billion. This number is staggering, considering that sports betting only became legal in June 2018. In comparison, Nevada – which has had a legal sports betting industry since 1949 – saw a sports gambling handle of $2.7 million.
If we look at things on a month-to-month basis, New Jersey overtook Nevada in May this year ($318.9 million vs $318.3 million). The same pattern was repeated in July this year, with an even bigger gap ($251 million vs $235 million).
NFL season will set an even wider lead between the two states, analysts believe. New Jersey is in a much better position to handle sports betting, compared to last year. In 2018, it only had 7 online platforms and 8 physical sportsbooks. This season, the Garden State has grown to 10 sportsbooks and 15 online sites.