We heard the news. While many corner bookies might be worried about big Las Vegas style bookies taking their lunch, there are some important positive things to keep in mind:
New Jersey Sports Betting Legislation
1- Not all States are going to legalize sports betting
“One day sports betting will be legal in New Jersey,” CEO Joe Asher said at the time. “When it is, William Hill will be there.” The day is here, and William Hill is, too. The group will also operate the sportsbook for Ocean Resort Casino when that property opens under new direction on June 28. Addabbo pointed out that New York sports betting revenue for September was $2.3 mm compared to $38 mm for New Jersey. Based on various industry estimates, Addabbo said roughly $9 mm of New Jersey’s bounty came from his residents. “It made me sick, seeing all that revenue going out of our state,” Addabbo said. It was a momentous day when Gov. Phil Murphy opened up his wallet to personally inaugurate mobile sports betting in New Jersey. It brought in $50 million in revenue last year for the Garden State. Webinar- 2019 Sports Betting in New Jersey Update. Closed Format/Skill Level: Webinar. Location: Online. Date: October 3, 2019. Time: 12:00 PM - 1:40 PM ET.
Below you will find a map of what is expected over the next 5 years. As you can see, it is far from being in every state.
2- Count on Greedy Politicians to make it hard for new business
In Pennsylvania they want $10,000,000 upfront license and 38% of GROSS gaming revenue – that is before Federal, State, County and even city income taxes.
Basically, in many places they might make sports betting legal, but with taxes like those you’d need to charge 30% juice just to get by. What player wants to play like that?
3- Taxes for players
In Vegas, if you lose $1,000,000 playing in 2017 but then win $1,000,000 in 2018 you’d owe the Federal government close to $300,000 – causing you a net loss of $300k on something that should have been a toss.
Federal taxes are horrible for players in regulated books.
4- Media Attention will Drive more customers
This new decision is going to make sports betting a regular subject on the evening news. Many people would bet, but just don’t’ know anyone or really think about it. When news starts coming up about that big winner, the lucky couple, etc… many new gamblers are expected to enter the market.
So for many bookies, given points 1, 2, 3 and 4… you might actually see an uptick in action.
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New Jersey sportsbooks raked in a record-breaking $445 million handle during September as the advent of a new NFL season gave their industry a significant boost. It was their busiest month since sports wagering was legalized in June 2018, and it suggests that Garden State operators will enjoy a strong winter trading period. The handle represented a 141.8% year-on-year increase on the $184 million that New Jersey sportsbooks reported in September 2018. It also equated to a 49.7% increased on the $297.3 million they took during the previous month, while revenue shot up to $38 million.
Thefigures are undoubtedly impressive for an embryonic industry. However, it opensthe door for Nevada to regain its status as the number one sports bettingjurisdiction in the United States. The two states have engaged in an intriguingseesaw battle for supremacy this year.
New Jersey surpassed Nevada’s sports wagering handle for the first time in May 2019. The Silver State battled back and regained the lead in June. New Jersey then reported revenue of $251 million for July, while Nevada could only manage $235 million, leaving the Garden State as top dog once again. It held onto its lead in August, as Nevada’s handle of $287.8 million fell just short of the $297.3 million that New Jersey brought in.
Yet lastSeptember saw Nevada sportsbooks pull in a handle of $571 million and if theymatch that performance in 2019 they will blow New Jersey out of the water. TheNevada Gaming Control Board typically releases its monthly revenue figures acouple of months later than its New Jersey counterpart, so it will beinteresting to see how it fared during September 2019.
FanDuel Still Reigns Supreme
FanDuelat the Meadowlands cemented its status as the market leader in New Jerseyduring September. It brought in $16.9 million in revenue during the month,which left it comfortably ahead of the $10.7 million secured by DraftKings.William Hill was in third.
Thatfollows a trend that has played out over the course of 2019, with FanDuelSportsbook reporting almost $96 million in year-to-date revenuevia Meadowlands Racetrack, with $50.5 million for DraftKingsSportsbook through Resorts AC and $18 million for William Hillat Monmouth Park. Other operators have a licence at those venues, butFanDuel, DraftKings and William Hill account for the lion’s share.
KeystoneState Continues to Soar
Neighbouring Pennsylvania also reported a record-breaking handle in September. Its sportsbooks took $194.5 million in wagers. It was later to the party than New Jersey and it only introduced online sports wagering this summer, but it is enjoying exponential month-on-month growth since digital sportsbooks were launched.
Pennsylvaniahas a larger population and GDP than New Jersey, and it also has seven majorsports teams across Philadelphia and Pittsburgh, so it could soon emerge as theleading sports betting market in the US. “Pennsylvania has the opportunity tobe the No. 1 jurisdiction in handle today,” said New Jersey Division of GamingEnforcement David Rebuck. “I say that because they’ve got 12 million people andtwo big cities. They have no restrictions on NCAA events. They also border onstates that don’t have sports betting.”
ChristieSlams Pennsylvania
Yetothers were less complimentary. Former New Jersey governor Chris Christiereferred to the Pennsylvania industry as a “rolling dumpster fire” during a talk at the GlobalGaming Expo in Las Vegas this week. Chris Christie, who was inducted into theSports Betting Hall of Fame this year for his campaign to see PASPA struckdown, was giving the keynote speech. “Let’s take a state that has reallyscrewed it up –Pennsylvania,” he said. They did all the wrong things – aridiculously high tax rate, a ridiculously high barrier of entry.”
Pennsylvaniacharges a 36% tax on revenue and a one-off licence fee of $10 million forsports betting operators, which could prevent smaller sportsbooks from enteringthe market and driving competition. By contrast, New Jersey charges just 9.75%in revenue tax on retail sportsbooks and 13% for online operators. “EverySaturday and Sunday this fall, people are driving from Pennsylvania into NewJersey and sitting at our rest stops on their mobile phones and making bets,then heading back home,” Christie claimed
Indiana and Iowa Build Momentum
New Jersey Sports Betting News
Elsewhere, The Indiana GamingCommission reported that the opening month of sports betting at its casinosattracted $34.5 million in wagers. Football was the most popular sport,with $20.7 million in bets, followed by parlays and baseball. The basketballand hockey seasons are not yet underway, but handle should shoot up again whenthey commence.
New Jersey Sports Betting Update
It is also worth noting that manyIndiana sportsbooks only launched halfway through the month, another reason tobelieve the handle will increase in the near future. Indiana’s share of thesports betting proceeds in September was $813,000.
The total handle in Iowa increased from the $8.6 million in August to the $38.5 million in September – the first full month of trading since legal sports betting began – according to figures released by the Iowa Racing and Gaming Commission. Operators generated $5 million in revenue, of which $3 million was retail and $2 million was online.
Nj Sports Betting New News
However, there are now more digital sportsbooks launching and it is expected to emerge as the dominant wagering method for Iowa sports fans. Iowa takes a 7% set on operators’ revenue, so the state took $334,553 for September. The Oregon Lottery has now released its eagerly anticipated online sports betting platform too. Scoreboard is a mobile app and desktop site that allows Oregonians to wager on a number of different sports while on the go or from the comfort of their own homes. “Scoreboard acts just exactly like a sports book that you would find in Las Vegas,” said Chuck Baumann, senior public affairs officer for Oregon Lottery.