CNBNews

Gloucestercitynews.net (October 30, 2019)-Recently released figures show that New Jersey continues to be the main US state for sports betting.  In fact, the numbers for August showed that it led the way for the third time in the last four months.

How big has the betting industry grown to here, and what can we expect to see in the future?

The Figures

The total amount of sports betting handled in August by New Jersey operators reached $293.5 million. The second place in the list was Nevada, which took in some $288 million in sports bets during the same period.

May 2019 was the very first time that New Jersey had reached the top of the sporting betting list in the US. Since that month, the state has remained at the top of the list almost every month.

The numbers from Nevada showed a 16% year on year rise, as the operators gained profits of $18.7 million on the total amount of wagers. The bulk of the revenue was generated in August, with $72.3 million bets on NFL games. The operators earned $12.66 million in revenue from those football games, while college football betting is another popular area for them.

However, in Nevada, the sports betting market is just a small part of the overall gambling revenue. The state made a gross gaming revenue of $952.4 million in August. This represents a 4.3% on the same month in the previous year. Most of their earnings came from the Las Vegas Strip, though, with sports betting relatively far behind.

New Jersey’s Figures in More Detail

New Jersey’s economy has been boosted since it became the second American state to make betting legal, in 2018. Atlantic City, in particular, has received significant extra income for this reason. While it had suffered a slump In the past, the arrival of legalized sports betting has breathed fresh life into the area.

The total gaming revenue for New Jersey in August added up to $352.8 million.  This was 16.1% better than in August 2018. In this state, sports betting made up $25.2 million of the total, which was a big increase from the $9.2 million generated in the same month last year.

The decision to make gambling legal here has also benefited the casinos in Atlantic City as well as the horse racing venues such as the Meadowlands Racetrack, where $11,867 in betting revenue was a 287.6% increase on the previous year’s figures.

In New Jersey overall, some $2.3 billion of sports wagers were made in the 10 months after gambling on sports was made legal. 

A New Challenger in Pennsylvania

It is clear that New Jersey has reacted in an extremely positive to the arrival of sports betting. Yet, some changes are on the way in the American sports betting market. This is because Pennsylvania is now able to offer this service too.

2019 saw the first Pennsylvania sportsbooks arrive online. While it hasn’t made a serious impact yet, there are some signs that the Keystone State will soon be a major contender in this market if things continue in the same way.

The first few regulated sportsbooks in the state handled $109 million in bets during the month of August. This led to revenue of $9.9 million. This was far and away the most productive month for the fledgling sports betting industry here.

While New Jersey remains far ahead in terms of overall numbers, the fact is that Pennsylvania achieved those results with just a few sportsbooks. Three-quarters of their bets are made online, compared to 85% in NJ.

The sports betting market in the US is shaping up nicely, with customers now being given a variety of reliable options for enjoying their wagers in the way that best suits them. And you can also bet comfortably from your sofa or your mobile, by just going to BetAmerica and waging on more than 20 sports.