When New Jersey Governor Phil Murphy placed the state’s first legal sports bet in early June of 2018, it was doubtful that Murphy (who wagered $20 on Germany to win the World Cup) could have foreseen the incredible success that legalization would bring to the state.
Since inception, New Jersey has handled over $7.6 billion in sports gambling and has seen nearly $532 million in overall revenue courtesy of LegalSportsReport.com. These staggering numbers rank only behind Sin City (Nevada) and its perennial reign at the top.
However, the recent CoVID-19 pandemic is pushing New Jersey towards the betting revenue crown and it seems the finger can be pointed directly at mobile-betting options. The state’s overall prowess has been predominately online with over 80 percent of all money generated through sportsbooks, apps, and website. In pandemic times, they are certainly reaping the benefits of less “live options” for bettors.
New Jersey nearly doubled Nevada in sports betting for the month of July, taking in over $315 million compared to just a $163.6 million performance within the Silver State. Online and mobile betting is pandemic proof… and New Jersey’s normal 80 percent online betting volume increased to 94 percent in July. Compare that with just 69 percent of betting activity in Nevada coming from online outlets and you see the difference mobile betting can make in today’s market.
Whether this “mobile trend” continues to propel states like New Jersey and leaves live betting options in Vegas in the rear-view mirror (even after the pandemic subsides) remains to be seen. One thing we do know is that a $20 soccer bet has turned into a billion-dollar industry fueled by technology.
Sports bettors are most certainly eager for the return of a college football season that has been in question for the better part of four months. Opening lines for this weekend’s slate can be seen in our recent Buckeye Breakfast.