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New Jersey is expected to lose its short-lived reign as the top state for sports betting now that mobile sports betting is up and running across the Hudson River.
For three months in a row, New Jersey sports bettors bet more than $ 1 billion on three racetracks and nine Atlantic City casinos as of September (December numbers will be released on Friday). However, experts believe that much of the New Jersey grip will go away when reports start to take into account the activity that is happening that month.
Four companies were given the green light to start accepting mobile betting in New York on Jan. 8, and more companies are expected to receive the same approval next month.
“A lot of New Yorkers traveled to 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 confines of a state where their app is legal.
Early reports suggest betting volume was high in New York’s early days of mobile sports betting, Gros added.
“That doesn’t bode well for New Jersey right now,” he said, suggesting that New Jersey’s grip could fall by as much as 20%.
Given its population, New York is expected to jump to the top in terms of sports betting volume. New Jersey has had the largest volume of sports betting in the country in recent months.
It is estimated that between 20% and 40% of sports betting in New Jersey was from New York residents in 2021, according to Atlantic County’s industry analyst Anthony Marino. Most of these bets were placed on the Freehold, Oceanport and East Rutherford circuits.
“Sports betting income in New Jersey will have an immediate impact,” said Marino. “And it will be the first concrete message to be given to policymakers here in New Jersey that they are going to start losing a lot of revenue that they only thought would last forever.”
The Empire State taxes sports betting at a much higher rate than New Jersey, but as of this writing there is no evidence that New York bettors get worse odds than New Jersey players.
Gros suggested that apps could be more aggressive – through incentives, for example – on New Jersey players because they would make more money from their bets than they would from people who gamble in New York.
Contact the reporter Dino Flammia at dino.flammia@townsquaremedia.com.
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