Sports betting in New Jersey brought in a lot of money in the month of August despite the fact that the NFL had not yet started. This month those should figures skyrocket.
New Jersey Is a Gambling Powerhouse
The profits from betting being made in New Jersey rival what is going on in Nevada. That is the impact that legal sports gambling has had in the Garden State. In the month of August, sports betting in the Garden State generated nearly $25 million dollars in revenue.
That is despite the fact that the NFL season had not yet started. Not to mention the start of the college football and basketball seasons. In July, New Jersey brought in over $250 million outpacing Nevada for the second time since betting on sports became legal.
Nevada Is Doing Just Fine
The interesting thing about the money being made by New Jersey is it isn’t affecting Las Vegas. The world of legal sports betting is such an untapped market that there is no indication that there’s any reason for Nevada to panic. Quite the contrary, it’s a reason for the rest of the country to stand up and take notice.
There is a market that previously had to travel long distances to look to get around laws to make wagers. Serious gamblers were always going to find a way to get done. The truth of the matter is, there are a lot of people that would make a casual wager on a game is the opportunity presented itself. All of these things will come to light over time but the point is there’s no reason for anyone on the west coast to think New Jersey is stopping people from going to Vegas.
New Jersey Residents Will Still Go to Vegas
While New Jersey might have legal sports betting, they also still have winter. For that reason alone, Las Vegas will always be an attractive destination. On top of that they have parties that New Jersey can’t possible replicate for geographical reasons.
Las Vegas will always be Las Vegas and New Jersey really isn’t trying to compete. They really don’t need to because with the amount of money they have coming in, why should they worry about what’s going on in the west coast. The beautiful thing with this new tapped betting market is that there seems to be room for everybody.
New Jersey Enjoys Geographical Edge
The fact that the state of New York does not allow online wagering is making the Garden State a lot of money. Since the only way to make a legal sports wager in New York is to go to a physical casino, you have to drive upstate. Luckily for New Jersey, Manhattan is just a few miles away. To have one of the world’s wealthiest cities make wagers in your state is quite an advantage. Los Angeles is relatively close to Las Vegas. You can see New Jersey from the west side of Manhattan. Until New York gets their act together, New Jersey will continue to reap the benefits their neighbor’s losses.
