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With no glass ceiling in sight, New Jersey continues its unprecedented rise with yet another shattering revenue report for October. The last two months saw New Jersey’s sports betting handle set another record for the USA, something that we are coming to expect every month as sports betting becomes more and more available across the nation.
Many other states are watching New Jersey’s handle figures every month as a temperature test for the industry as a whole. New Jersey’s princeps status was firmly solidified after the Supreme Court sided with the State in 2017 to repeal the Professional and Amateur Sports Protection Act (PASPA). This legal decision opened up the states to decide for themselves whether or not to legalize sports betting.
Having been the lynchpin state in this decision meant that NJ was first to implement the newly legalized activity (outside of the Nevada sports betting of course).
Since the repeal of PASPA market watchers and fellow state legislatures around the country have been watching the handle figures out of NJ as pressures are building in their home states for likewise legislation, and who can blame them? In September, NJ sportsbooks were taxed $5.6 million, money that would otherwise never have entered the state coffers, money that was likely destined to go overseas to illegal offshore sportsbooks had there not been legal in-state options available. This is a common enough argument for lobbyists interested in similar sports betting legislation, and with handle figures like this most recent one, who can blame them?
This month marks the third straight month in a row that the total handle has set a new record and comes on the heels of the November elections when three separate states passed ballot measures to call for legal sports betting.
|Month||Total Handle||Percentage Change From the Previous Month|
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