Online casinos in New Jersey recorded their 4th record revenue month. By the time October 2021 was coming to a close, the Garden State had generated approximately $8.5 billion in sports bets. The record number was boosted greatly by the start of the NFL season, which contributed at least $1 billion of the wages made in the market, therefore setting a new national record.
Since the year 2021 started, New Jersey punters had wagered a total of $7.1 billion based on records shared by the New Jersey Division of Gaming Enforcement. The beginning of the professional and college football seasons paired with enhanced accessibility to iGaming platforms has allowed the state of New Jersey to emerge as the country’s sports betting capital.
Of the $1 billion that was generated from sports betting, the city’s casinos and racing tracks collectively netted $82.4 million in revenue in September 2021. The Meadowlands Racetrack accounted for at least half of all the revenue that was generated by the state. The Meadowlands Racetrack not only hosts horse races but also offers punters online and offline wagering options.
Football bets in the state won the sportsbooks in the state approximately $10.3 million. According to stats shared by the New Jersey Division of Gaming Enforcement, 90% of all bets on sports were placed online with just under $92 million worth of wagers being placed in brick and mortar establishments. New Jersey was able to capitalize on the absence of sports betting in New York as the sports betting market was not active yet.
Online gambling has shot up in the last year- by more than 4o%- as the world continues to deal with the impact of the pandemic. In March 2020, sporting events had to be canceled owing to the start of the pandemic, which greatly disrupted the sporting calendar as well as the revenue generated from sports wagers. When AC’s casinos were forced to be shut down in a bid to control the spread of the infections, casinos were opened months later but with operating restrictions that greatly shuttered the revenue.
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Why is the NFL season so important for operators?
Because of the disruption in the sports calendar, 2021’s NFL season was of special importance to the New Jersey operators as it was set to propel the wagering industry to pre-pandemic levels. Football accounts for approximately one-third of all sports wagers placed, which means that the beginning of the season always boosts sports betting activity after a few slow months in the summer.
If the NFL season had remained shut down like it did in 2019 and 2021, New Jersey would not be celebrating the amazing revenue record for the 4th time. Sports betting is now legal in at least 26 states based on reports from the American Gaming Association. That’s 18 more states compared to the same period in 2020. This year, it is expected that some of the most lucrative and biggest markets in the country will also move towards legalization.
Some of the states expected to legalize sports betting this year include California and Florida, both of which have the potential to generate millions if not billions in the first year of legalization. The state of New Jersey has already set a great foundation and roadmap for other states to follow with New York being the latest market to join the sports betting game.
Today, Pennsylvania is the 4th largest sports wagering market in the country, trailing behind are Illinois, Nevada and of course, New Jersey, which was the first to legalize its sports betting market in 2018. The NFL was once a staunch opponent of a legal sports betting environment in the country.
However, in the last year or so, the NFL has changed its tune and now allows 7 sports betting operators to advertise their platforms during live games. Various teams across the NFL ecosystem have also teamed up with betting companies as official sports betting partners. Some of the deals made before the year include deals between Baltimore Ravens and the New York Jets.
Media companies are also forming alliances with gambling companies as they seek synergies among gamblers who not only want to wager on their favorite sports but also learn as much as they can about their favorite teams. For instance, Sports Illustrated not too long ago ventured into the sportsbook arena while ESPN has reportedly been hard at work inking deals that will see it license its brand to several sportsbooks. Even merchandising retailers like Fanatics are have launched apps in the hopes of exploiting the profitable sports betting market.
With the competition ever-increasing, sports betting operators have been forced to become more creative than ever in order to attract and acquire customers. This high competition has not only helped to advance the industry immensely, but it has also benefited punters as they now have a wide array of options to choose from.
More new operators joining the New Jersey Gambling scene
Because New Jersey boasts one of the most successful iGaming markets in the world, a lot of operators opt to debut their services to New Jersey punters before launching in the rest of the country. One such operator is Tipico.
Tipico is one of the most recognizable brands in Germany. The brand received approval from Garden State to debut a compliant and easy-to-use mobile sportsbook platform for punters on both Android and iOS. Punters in New Jersey have been utilizing the app for a while now and have experienced positive results and experiences.
Because of the sophisticated sports betting audience available in New Jersey, the brand has been able to grow in a short space of time. To further ensure its success, Tipico established its headquarters in New York, specifically in Hoboken. This location will allow it to acquire customers in the newly legalized sports betting market in New York with ease. Tipico was originally founded in 2004 in Europe and has grown to become one of the leading sports betting providers in Germany and now, in the US.
