1 Year of Legalized Betting in NJ, $3 Billion in Bets
The Action Network has broken down the numbers over the past year for legalized sports betting in New Jersey, and to say they are impressive would be a huge understatement.
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Thus far, $3 billion in bets have been taken.
FanDuel led the pack. They took in $17,500,000, more than any other book in the state and the most of any book so far in the past year.
One of the big stories to come out of New Jersey is the impact mobile sports betting has had on the sector. 82.6% of all bets were placed via mobile devices. That is a staggering number. Other states looking to legalize sports betting now point to the Garden State in arguing for mobile and remote wagering to be part of any legislative measure.
The industry in New Jersey, and pretty much everywhere for that matter, stands to take a hit come September however. iPhone has set a deadline of September 3 for all sportsbook and online gambling apps to be built natively rather than as HTML container apps. Few, if any, are believed to comply. Experts say it will take up to a year to meet the requirement, assuming companies even want to go that route. Books coming online in neighboring Pennsylvania do not even bother offering iPhone apps.
New Jersey has managed to exceed its own forecast for taxes generated with $22,600,000 going to the state coffers. They only forecasted $13M for the first fiscal year.
But here is the killer, from The Action Network:
With $2.9 billion bet through the first 11-and-a-half months, the handle for the state of New Jersey will surpass $3 billion. How impressive is that? In Year 1, it’s roughly 60 percent of what Nevada pulls in.
Other states haven't fared quite as well.
Sportsbooks began operating in both Rhode Island and West Virginia this past football season.
Rhode Island's sports betting numbers were fundamentally flawed from the onset with incorrect data used in the state's initial studies.
That miscalculation has resulted in a $40 million hole in the next year's budget.
West Virginia, meanwhile, got off to a disastrous start with its mobile sports wagering. The parent company of two of five state casinos licensed to offer the activity filed a lawsuit against vendor Miomni.
That company was named supplier for Delaware North and its two casinos — Mardi Gras and Wheeling Island casinos — as well as the BetLucky sports betting app.
It will be interesting to see what the next twelve months hold as a number of other states are set to open sportsbook operations soon. Illinois will offer betting kiosks at stadiums and ball parks as well as online. Iowa, Tennessee and Indiana will all be offering mobile sports wagering. Montana is set to open retail-only sites by the start of football. New York is expected to have sportsbooks in operation at its upstate casinos some time this fall.
- Aaron Goldstein, Gambling911.com
