Good news for those involved in New Jersey’s legal sports betting market as the New Jersey Division of Gaming Enforcement (NJDGE) just reported a hot September for that state including a rise in total gaming revenue as well as sports wagering gross revenue, clear signs of success.
The Garden State was one of the initial U.S. states to take advantage of their right to legalize, regulate, and tax their own sports betting market, that choice was made possible only once the Supreme Court overturned PASPA in May 2018 thereby allowing each state to decide.
Since then, New Jersey’s legal sports wagering operation has generated some impressive numbers, including a total handle of $30.5 billion – meaning the total amount gambled by Jersey bettors – as well as $2.13 billion in gross revenue, the amount sportsbooks eventually made.
That Jersey sportsbook gross revenue has netted $268.3 million in tax revenue in all that time, a new money stream that the state is reinvesting in its residents who are still financially reeling from the effects of the worldwide pandemic the same as the rest of the country and world.
September, it turns out, was a particularly good month for Jersey sports betting.
A recent report released by the NJDGE breaks down New Jersey’s September gaming revenue into multiple categories (casino win, internet gaming win, and sports wagering gross revenue) and it compares those totals to the same time as last year:
These increases are a positive step in the evolution of these gambling markets since the growth they indicate gives operators and lawmakers a clear sign that the new industry they set up is working and can compete against Jersey’s successful neighbors – New York and Pennsylvania.
Not to mention the over thirty other states that are also taking legal sports bets.
The hard historical lessons the U.S. has learned regarding how impossible it is to eliminate the so-called vices – e.g. alcohol, cigarettes, marijuana, gambling, and prostitution – are gradually being applied to gambling since it’s obvious bettors will bet even when it is against the law.
Before sports betting was legal across the U.S., those gamblers who could not afford to fly to Vegas or Atlantic City were either forced to abstain or else they would have to change it by using unregulated offshore sportsbooks or else illegal local bookies unbeholden to any laws.
Now the U.S. legal sports betting market is hopping and since May 2018 it has generated an eye-popping handle of $156.3 billion, a lot of action given that during that time people were also fighting a worldwide viral outbreak and its resulting financial downfall.
Sports betting is here to stay and in New Jersey, that means lots more action like that state experienced in September, a fitting reward for a burgeoning market that has led the way in this newly legalized industry from the start.
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Mike Lukas is a retired standup comedian turned freelance writer now living in Dallas, Texas, originally from Cleveland, Ohio. His love for the game of football and all things Cleveland Browns turned Mike into a pro blogger years ago. Now Mike enjoys writing about all thirty-two NFL teams, hoping to help football gamblers gain a slight edge in their pursuit of the perfect wager. Email: [email protected]More info on Mike Lukas
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