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Sports Betting in New Jersey Set of Overtake Nevada
11th October, 14:06It was only last year that New Jersey fully legalized sports betting, and it took the same time to catch up to Nevada. Slowly, but surely, NJ is growing as the sports betting capital of the United States. With 9 million residents looking to fully take advantage of the new laws, we are currently seeing a massive shift of the American sports betting scene. The home of the Sopranos is looking to add even more, with recent news stating that almost double the physical and online sports betting venues will open very soon. Currently, NJ has seen an almost $1,8 billion gambling hurdle - despite the fact it became legal back in June of 2018. To put those numbers into perspective, Nevada, the betting capital of America until a few months ago, registered $2,7 billion - despite sports betting being legal since 1949, and online betting since 2010. It only took NJ a whole year and a few months to nearly bridge half the gap of the total gambling handle.
The new laws allow sports betting to be available at every casino and racetrack in NJ. This accounts for any on-site casino or racetrack. Online betting has also been given a green-light, however, the betting website must also have an on-site location in NJ to be able to operate. Any online website that wishes to operate in NJ, without having a land-based venue, can do so but they have a 270-day period to open that venue. The laws state that any person with a physical location in NJ can bet on any professional sport and most college sports. You can click here to create an account with one of the major betting websites in New Jersey.
The NFL is probably the biggest contributing factor as to why NJ will soon be the betting capital of the United States. The NFL opened just a few weeks ago, and that has caused flocks of Philadelphians and New Yorkers to visit the Garden State to place a few wagers on games. As a matter of fact, New Yorkers have placed roughly 20% of all wagers since June last year. Each month, more than $350 million in bets go into the Green State, beating Nevada by a whopping $50 million each month. What motivates New Yorkers to place bets in NJ is probably the fact that both states are a short trip by train or car, and the same applies to Philadelphia.
With more than 10 physical locations and 15 online locations, things aren't looking bad for the state as well, as sports betting venues are required to pay tax at rates between 8.5% and 14.25%, depending on whether it's online or not. To give you a perspective at what this means, and to give you what kind of money we're talking about, online betting venues have seen a 500% increase in users registered since the NFL season has begun.
Regardless if you're a fan of sports betting or not, the current situation is outstanding for the people of NJ, NY, and PHL. Since betting is now legal in NJ, the people can rest assured knowing that they can place wagers safely. Furthermore, things are looking even better for the state of NJ due to the tax rates.