New Jersey took another step in July towards dethroning Nevada as the betting capital of the US. For the second time in three months, total sports bets taken in the Garden State topped Nevada’s. New Jersey’s total sports handle for July totaled $251 million as against the $235m posted by Nevada. And that’s official. They come from figures released by the gambling authorities of the two states.
At the start of a period that’s traditionally been US sports betting’s slowest, New Jersey first surpassed Nevada in May. To old hand, Nevada’s surprise, new boys New Jersey netted $318.9 million in handle to their $317.4. And this was achieved when New Jersey’s betting industry was less than a year old!
Nevada hit back in June to have the betting world wondering if New Jersey’s May accomplishment was a temporary thing.
Population density could be the key
But the latest figures vindicate those who argued that its larger betting population would be the key to New Jersey supremacy. Online sports betting allows punters to make smartphone bets from anywhere within their state – and it’s been a big winner.
More than 80% of New Jersey’s handle of over $3 billion in its first year came from online bets. That 80% plus New Jersey’s 9-odd million people as against Nevada’s around 3m adds up to one thing. Long term New Jersey should be the bigger wagering winner of the two.
Some argue against this. They see Nevada as a major tourist destination on the doorstep of California’s 39.5 million and close to Texas with 29.7m. Neither of these two mammoth states has as yet legalized sports betting. The result? Some of their citizens are said to be betting illegally with offshore sportsbooks.
Las Vegas casinos have large hauls of holiday bets
On the other hand, large numbers are also wagering at Las Vegas Casinos during vacation jaunts, especially on football and March Madness. And it is these people, one school of thought believes, who will keep Nevada competitive.
If and when New Jersey does permanently dethrone Nevada, there is no guarantee, however, that it will retain its title long term. I may not be big enough. Right now as much as 25% of its monthly handle could be coming out of New York. The state of the Big Apple does have sports betting, but only at Casinos in upstate New York.
Mobile betting is still illegal there so many of its City 12m residents are doing it across the Hudson in New Jersey. New York resistance to online betting is not expected to last, however. When it crumbles, it will come as a double whammy for New Jersey.
They could lose millions in handle at the same time as New York state’s 19 million people gain access to mobile betting. And just think about what the masses in California and Texas will do when they get sports betting as inevitably they will.
