For the first time ever, New Jersey sports books can say they have beat Nevada for the most wagers in a month-long period. In May, Jersey books generated $318.9 million in wagers, slightly more than the $317.4 million posted by Nevada regulators.
New Jersey sports betting launched just over a year ago, after the U.S. Supreme Court struck down the Professional and Amateur Sports Protection Act of 1992, which limited the action to Nevada and three other states. In addition to New Jersey, six other states have gotten into the bookmaking business and a dozen more are expected to follow, according to ESPN.
New Jersey regulators report that about $3 billion has been bet on sporting events in the state over the past year. DGE Director David Rebuck predicted to GGB magazine last year that his state would overtake Nevada by the end of 2019.
“While we all knew it would be successful, I don’t think anyone expected how quickly New Jersey would come to dominate the growth in the market in the year since our sports betting law took effect, or how advantageously New Jersey would be positioned to dominate the entire marketplace,” Governor Phil Murphy said at the All-American Sports Betting Summit hosted by Monmouth Park last month.
According to the Asbury Park Press, the FanDuel Sportsbook at the Meadowlands is leading the way with $84.6 million in gross revenues over the past year. Sports betting has generated more than $23 million in tax revenue for the state in its first year.
