NJ sports betting revenue 2021

New Jersey sports betting revenue is on track to exceed $1.5 billion by 2021, according to a recent study by Eilers & Krejcik Gaming LLC. This would make NJ one of the top sports betting markets in the country and generate significant tax revenue for the state government. With legalized sports betting coming to more states, it will be interesting to see how this market evolves over the next few years.

How will the industry grow?

The sports betting industry is snowballing, with more states legalizing it each year. In 2019, the US's total handle (amount wagered) was $13.6 billion. This is expected to more than double to $31.4 billion by 2024, according to Eilers & Krejcik Gaming LLC. This growth will be driven by the expansion of legal sports betting into new markets and the continued growth of existing markets such as NJ.

What impact will this have on the economy?

The economic impact of sports betting is significant. In addition to generating tax revenue for state governments, sports betting also creates jobs and drives tourism. For example, in 2018, sports betting generated $600 million in economic activity in NJ and supported over 4000 jobs. As the industry continues to grow, it will have an increasingly positive impact on state economies.

Comparison with online gaming revenue in New Jersey

In 2021 was estimated that online gaming revenue in New Jersey has reached $1B. This number is still small compared to the $28B in revenue generated by commercial casinos in Las Vegas. However, it is important to remember that online gaming is a relatively new industry, while sports betting has lasted for centuries. It is likely that online gaming will continue to grow rapidly and could eventually surpass sports betting in terms of total revenue.

What does this mean for the future of gambling in NJ?

The future of gambling in NJ looks bright. With sports betting set to generate over $1 billion in revenue by 2022, it will majorly contribute to the state's economy. In addition, with more states legalizing sports betting, NJ will likely continue to be a leader in this industry. This is good news for both gamblers and non-gamblers alike as it will provide more jobs and tax revenue for the Garden State.

References

1. Excerpts From Eilers and Krejcik Gaming's Esports Betting Monitor, www.liebertpub.com;
2. NJ iGaming Revenue Hits Record $1B in 2021, igamingnj.com;
3. New Jersey gambling: more than just Ocean City, ocnjdaily.com.