New Jersey has one of the most successful sports betting industries in the world. Interestingly, revenue from this industry has been surging throughout 2020. New reports indicate that NJ’s sports betting handle set another all-time record over the month of September.
It’s great news for the state and each of the gambling operators here. Today, we’re going to take a look at exactly how much the state’s gambling operators managed to bring in. We’ll also discuss what led to this revenue increase.
Let’s get into it!
NFL Betting is More Popular in 2020 Than Ever Before
On September 10th, the 2020 NFL season officially began. Getting to this point wasn’t easy. For months, all sports around the US were shut down. It wasn’t until May that live sporting events began creeping back.
The NFL spent months preparing for this season. The league’s regulations are actually much less intense than the ones set in place by other ones. A limited number of fans are allowed to attend many games and players have not been kept in a bubble.
It comes as no surprise that betting on the 2020 NFL season is growing extremely popular around the country. More than 20 states now have regulated sports betting markets set in place. There are many fantastic online sportsbooks operating even in the states without a regulated industry.
Bovada is one of the most popular US NFL betting sites operating right now. This site is offering odds on every single game taking place this year. It also provides members with a huge number of great future odds on the Super Bowl and individual conference winners.
States with legal and regulated online sports betting industries are profiting massively from the NFL season. All of these states have seen their revenue earnings increase over the past month. New Jersey, in particular, is seeing a massive increase in its sports gambling earnings.
Here’s how much the state’s sports gambling operations managed to bring in during September.
NJ’s Sports Betting Handle Reaches Another All-Time High
The state of New Jersey was one of the first to legalize sports betting after PASPA was struck down in May of 2018. This has proven to be a fantastic decision. The legalization of this industry brought new life to Atlantic City and has brought the state an incredible amount of money.
Back in August, news broke that New Jersey set a new US record for sports betting handle. An incredible $668 million was placed on sports bets during this month. It was a massive increase from the $562 million placed in July.
It’s no surprise that the Borgata saw the most money, with an incredible $64 million in sports bets placed last month. Golden Nugget saw $37.5 million in sports wagers. Bally’s experienced the lowest figures at $12.9 million. Overall, the Ocean Casino Resort saw the largest percentage increase.
Ocean Casino CEO Terry Glebocki spoke about this development to the media this week.
“The combination of Labor Day weekend and the return of indoor dining, limited to 25%, afforded us the opportunity in September to continue the momentum created here at Ocean,” she said. “Our guests have enjoyed dining again at their favorite restaurants within our casino resort, and our year-over-year gaming revenue growth of nearly 27% is indicative of the successes we have achieved.”
NJ’s sports betting handle isn’t likely to stop increasing anytime soon. Stay tuned for updates on the earnings here over the next two months!
New York’s Sports Betting Industry is Slow to Recover
It’s been amazing to see how successful New Jersey’s sports gambling industry has become. New York, unfortunately, hasn’t seen the same level of success from this industry. For a time, lawmakers here completely prohibited all forms of sports betting.
Finally, in July of 2019, the first sports bets were placed here. For reasons unknown, state leaders only allow sports wagers to be placed in-person at casinos. Each push to allow internet sports betting has failed here.
For months, New York’s casinos were completely shut down. Governor Cuomo waited longer than almost any other state to get its commercial casinos operational again. The state’s casino industry is now open, albeit with major safety regulations set in place.
New reports show that the state’s casinos earned $2.3 million during the month of September. That represents an astounding 38.5% decrease from the same month in 2019. It’s a significant loss and shows how important online sports betting is to the success of this industry.
It’s unclear if October will be any more successful. Until New York decides to legalize and regulate online sports betting, it will see significantly lower earnings than New Jersey and many other states in the area.
Are you surprised to see NJ’s sports betting handle increase again? Will the state ever see $1 billion in sports bets? Let us know in the comments section below!
A longtime sports and gambling enthusiast, Kevin looks to present up-to-date and reliable information for readers. If he’s not writing, he’s probably watching MMA or playing blackjack. ...
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