New Jersey is expected to lose its short-lived reign as the top state for sports betting, now that mobile sportsbooks are up and running across the Hudson River.
For three consecutive months beginning in September, New Jersey sports bettors gambled more than $ 1 billion at three racetracks and nine Atlantic City casinos (December numbers to be released Friday). But experts anticipate that a large part of New Jersey’s control will disappear when the reports begin to take into account the activity that is happening 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 over the next month.
“A lot of New Yorkers used to cross into New Jersey just to place their sports bets and now they don’t have to,” said Roger Gros, editor of Global Gaming Business magazine.
One must gamble within the limits of a state where its application is legal.
Early reports suggest that betting volume was high during the early days of mobile sports betting in New York, Gros added.
“That doesn’t bode well for New Jersey at the moment,” he said, suggesting that New Jersey’s control could drop by as much as 20%.
Due to its population, New York is expected to jump to the top in terms of sports betting volume. New Jersey has been recording the highest volume of sports betting in the country in recent months.
An estimated 20% to 40% of New Jersey sports betting in 2021 came from New York residents, according to industry analyst Anthony Marino in Atlantic County. Most of those bets were made via Freehold, Oceanport and East Rutherford racetracks.
“There will be an immediate impact on New Jersey sports betting revenue,” Marino said. “And it will be the first concrete message to legislators here in New Jersey that they are going to start losing a lot of revenue that they have been assuming would go 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 gamblers are getting worse odds than New Jersey players.
Gros suggested that the apps can be more aggressive, through incentives, for example, with New Jersey players because they would make more money from their bets compared to the bets of people who play in New York.
Contact reporter Dino Flammia at dino.flammia@townsquaremedia.com.
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