New Jersey is set to lose its short-lived reign as the premier sports betting state now that mobile sports betting is operational on the Hudson River.
For three consecutive months starting in September, New Jersey sports bettors have wagered more than $ 1 billion at three racetracks and nine Atlantic City casinos (December figures will be released on Friday). But experts predict that much of the New Jersey handful will disappear when reports begin to take into account the activity that is occurring this month.
Four companies were given the green light to accept mobile betting in New York on January 8, with more companies expected to get the same approval within the next month.
“A lot of New Yorkers used to drive through New Jersey just to place their sports bets, and now they don’t have to,” said Roger Gros, editor of Global Gaming Business magazine.
You have to play within the limits of a state where their application is legal.
Early reports suggest betting volume was significant in the early days of mobile sports betting in New York City, Gros added.
“It doesn’t bode well for New Jersey at this point,” he said, suggesting the New Jersey grip could drop as much as 20%.
Due to its population, New York is expected to rise to the top in terms of sports betting volume. New Jersey has recorded the highest volume of sports betting in the country in recent months.
It is estimated that between 20% and 40% of New Jersey sports betting in 2021 came from New York residents, according to industry analyst Anthony Marino in Atlantic County. Most of these bets were made at Freehold, Oceanport and East Rutherford racetracks.
“There will be an immediate impact on New Jersey sports betting revenue,” Marino said. “And this will be the first concrete message to policymakers here in New Jersey that they are going to start losing a lot of income that they just thought they would carry on forever.”
The Empire State taxes sports betting at a much higher rate than New Jersey, but at this point there is no evidence to suggest that New York bettors have worse odds than New Jersey players. .
Gros suggested that apps may be more aggressive – through incentives, for example – with New Jersey players, as they would make more money with their bets compared to bets from people playing in New York.
Contact reporter Dino Flammia at [email protected]
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