NJ revenues overtake Nevada
New Jersey is the leading example for states looking to legalize sports betting. The New Jersey Division of Gaming Enforcement released its figures for May 2019 a couple of weeks ago. They reveal that the betting intake for sportsbooks in the month period was almost $319m, with profits of $15.5m.
This means that since legalizing the activity, there have been almost $3bn worth of sports bets placed in the state. While the May figures were not too surprising, the release of Nevada’s figures makes for an interesting comparison.
The Nevada Gaming Control Board released its figures for May 2019 on June 27. There was a total sports betting handle of $317.3m for the month, with $11.6m in profits. Therefore, New Jersey had a higher intake and greater profits than its competitor Nevada in May.
Nevada still top for big events
Some interesting trends are emerging in New Jersey when compared with Nevada. Generally, Nevada still leads the way when it comes to special events in the sporting calendar, such as March Madness and the Super Bowl.
For example, there was a handle of almost $600m in Nevada in May. However, in months that do not have standout events, New Jersey is neck and neck.
New Jersey’s big advantage is having extensive mobile sports betting. This means that state residents and nearby New Yorkers can instantly place sports bets via their mobile devices, something you cannot yet do in Nevada. The casinos in Nevada have long been battling against the introduction of mobile gambling.
While the New Jersey intake was only $1.6m more than that of Nevada, it sends out a clear message as sports betting in the Garden State has only been operating for a year. Nevada previous held a monopoly on the US market. Other states will take heart from New Jersey’s success and Nevada’s share of the market will likely decrease even further as more and more states legalize sports betting.
This by no means indicates that Nevada is finished. Its May 2019 intake was still a record for the month of May, bypassing the previous high of $315.5m in May 2018. The bulk of the profits came from baseball, which had a 4.25% hold and profits of $7.8m for the period.
Leading the way
New Jersey led the way to getting sports betting legalized in the US. It pressed its case at every level to bring the federal ban on sports betting to an end. After the Supreme Court voted to overturn the ban, it didn’t take long for the New Jersey legislature to pass laws to allow sports betting. The first sportsbooks opened in the state in June 2018 and they have been going from strength to strength.
One of the main drivers is the success of mobile sports betting. People come from out of state regularly to place bets using their mobile devices. More than 80% of New Jersey’s total intake for sportsbooks comes via mobile.