The No. 1 contender to New Jersey's online sports betting dominance finally appears ready to enter the game.
About NEW JERSEY Sports Betting. New Jersey was the state that led the charge in overturning PASPA, and it began offering sports betting on June 14, 2018. DraftKings Sportsbook became the first legal online option in The Garden State when it launched in August 2018. It operates under the casino license of Resorts Atlantic City and has since opened a retail sportsbook at that location.
- All of the sites mentioned in this article are legal and licensed betting sites for New Jersey bettors. Benefits of Super Bowl betting online There are a number of benefits to betting online as.
- Jan 26, 2021 The Best New Jersey Sports Betting Sites: FanDuel DraftKings BetMGM FOX Bet PointsBet Caesars.
- NJ Horse Racing Betting Sites As mentioned before, the state of New Jersey has one of the best online gambling markets in the entire United States. So, if you are interested in online horse racing.
- BetStars is the latest betting site to establish a presence in the New Jersey online sports betting market and launched its website and mobile app on 13 September 2018. In early 2019, Australian sportsbook operator PointsBet entered the New Jersey sports betting market under a licensing agreement with Meadowlands.
After dismissing the idea for the better part of two years, New York Gov. Andrew Cuomo announced his support of online sports gambling last week. It was one of several policies included in the governor's annual budget presentation as a way to make up state revenue shortfalls from the coronavirus pandemic.
'New York has the potential to be the largest sports wagering market in the United States, and by legalizing online sports betting we aim to keep millions of dollars in tax revenue here at home, which will only strengthen our ability to rebuild from the COVID-19 crisis,' Cuomo said in a statement to the Daily News.
The governor does not have to look very far for a successful online sports gambling market to convince lawmakers in Albany that taxing legal wagers would help replenish state coffers.
New Jersey will exceed $5 billion in total online sports wagers for 2020, generating more than $40 million in taxes for the state in the calendar year.
December numbers will be released on Jan. 13.
Will New York overtake the online sports betting leader?
Most industry analysts believe that the Empire State's online sports betting market will surpass New Jersey's.
'Gov. Cuomo's embrace of mobile sports betting immediately positions New York to soon lead all other states and generate significant revenue for state coffers,' Sara Slane, an industry consultant and former official with the American Gaming Association, told the Associated Press. 'New York, with a population of nearly 20 million, dwarfs any other state with legal betting and should have no problem regularly topping $1 billion a month in wagers.'
The Garden State was an early adopter of online sports betting and quickly became a standard-bearer.
Jane Bokunewicz, coordinator of the Lloyd D. Levenson Institute of Gaming, Hospitality & Tourism at Stockton University, said, 'it was inevitable that other states would follow, especially after seeing New Jersey's success.' New Jersey was aware that competition would eventually arrive.
'As the market for sports betting continues to develop and expand both within New Jersey and in neighboring states, New Jersey could lose ground in terms of market share, but it will be far from out of the race,' she said. 'Sports betting will continue to contribute significant tax revenue to the state even if not at the same levels we've been seeing given both New Jersey's near-monopoly on East Coast online sports wagering and the pandemic.'
Business has been good for NJ
New Jersey lawmakers included online tax rates when they legalized and regulated sports betting in the spring of 2018. The first online operator, DraftKings Sportsbook, started taking wagers that August and eight others followed suit by the end of the year.
New Jersey collected just under $7 million from a 13% tax applied to online sports betting revenue in 2018. Almost 63% of the total sports wagering handle that year was from online action.
In 2019, 84% of the nearly $4.6 billion statewide handle were bets placed via NJ sports betting apps. New Jersey collected more than $31.8 million in taxes from online sports betting revenue.
With Atlantic City casinos and New Jersey's racetracks closed for part of 2020, taxes from iGaming and online sports betting helped to offset losses. New Jersey collected $39.2 million (through November) from online sports betting. Nearly 92% of the state's $5 billion sports handle was from online wagers.
Ironing out NY sports betting details
Even as impressive as New Jersey's tax collections from online sports betting are, Cuomo sees larger numbers for his state. Rather than allow casino operators to conduct online sports betting, Cuomo wants a monopoly operator to run the show and share revenue with the state.
'And I'm not here to make casinos a lot of money. I'm here to raise funds for the state. So we have a different model for sports betting,' he said.
New York state lawmakers, however, do not agree with the governor's approach. A bill introduced Thursday would allow four commercial casinos and three tribal operators to license two skins each. The bill proposes a tax rate of 12% for online sports betting revenue.
A financial summary of the bill estimates $79 million annually for the state. Cuomo's budget director suggested that a single-operator system could generate $500 million per year.
Tax collections could drop
Should New York launch an online sports betting market, the state of New Jersey would see tax collections drop.
Betting Online New Jersey
A sizable percentage of the online sports betting market includes New York residents who are currently crossing state borders to bet in New Jersey. A representative for FanDuel Sportsbook (New Jersey's most profitable sports betting operator) estimated that 25% of online customers hail from New York. The state's second-largest operator, DraftKings Sportsbook, did not provide a figure, but it would be reasonable to assume the percentage is comparable.
'The pent-up demand for legal sports betting in New York, and throughout the east coast, has led many New Yorkers to cross state lines for the purpose of wagering with New Jersey sportsbooks. The (FanDuel) sportsbook at the Meadowlands (Racetrack) has perhaps benefitted most from this phenomenon,' Bokunewicz said, before noting that one retail location grosses more than the eight Atlantic City casino sportsbooks combined. 'This is an indication of the strength of the New York market.'
Because states such as New Jersey and Pennsylvania have already set up successful regulatory models, New York's rollout of an online market should happen fairly quickly, she said. But, even with an aggressive launch by New York, the impact to New Jersey may not be immediate.
'Consumers have developed a relationship with New Jersey sportsbooks and may need at least a little persuasion to change over to New York-based books,' Bokunewicz said. 'This transition period may be shortened of course by those operators, such as market leaders DraftKings and FanDuel, which will likely operate in both states. These operators could make the transition between states virtually seamless for their established customer base.'
Week 9 of the NFL season is upon us; there are a number of legal, online New Jersey sports betting promotions available from BetMGM Sportsbook for those within the state to get in on NFL betting action around this week's slate.
New Jersey NFL betting promotions
New York Giants Week 9 Betting Promotion
Bet $1 on the New York Giants money line, win $100 (in free bets) if the Giants score a touchdown during Week 9. Bet now!
New York Jets Week 9 Betting Promotion
Make any $1 bet on the New York Jets, get $100 (in free bets) in your account. Regardless of how the Jets do in Week 9 vs. the New England Patriots, you win! Bet now!
Pittsburgh Steelers Week 9 Betting Promotion
Bet $1 on the Pittsburgh Steelers money line, win $100 (in free bets) if the Steelers score a touchdown during Week 9 vs. the Dallas Cowboys! Bet now!
Sunday Slate Betting Promotion
Bet $1 on ANY TEAM'S money line Sunday, WIN $100 (in free bets) if ANY TEAM scores a touchdown during Sunday's NFL action. Bet now!
Sunday Night Football Betting Promotion
Bet $1 on either the New Orleans Saints or Tampa Bay Buccaneers money line, WIN $100 (in free bets) if either team scores a touchdown during their Week 9 Sunday Night matchup. Bet now!
Bet $1 on the Tampa Bay Buccaneers money line, WIN $100 (in free bets) if Buccaneers QB Tom Brady throws a touchdown against the New Orleans Saints in Week 9. Bet now!
Is Online Betting Legal In New Jersey
Special Monday Night Football Betting Promotion
Bet $1 on either the New England Patriots or New York Jets money line, WIN $100 (in free bets) if either team scores a touchdown during their Week 9 Monday Night Football matchup. Bet now!
New customer offers; offers cannot be combined. Terms and conditions apply. Visit BetMGM for full rules.
- All of the sites mentioned in this article are legal and licensed betting sites for New Jersey bettors. Benefits of Super Bowl betting online There are a number of benefits to betting online as.
- Jan 26, 2021 The Best New Jersey Sports Betting Sites: FanDuel DraftKings BetMGM FOX Bet PointsBet Caesars.
- NJ Horse Racing Betting Sites As mentioned before, the state of New Jersey has one of the best online gambling markets in the entire United States. So, if you are interested in online horse racing.
- BetStars is the latest betting site to establish a presence in the New Jersey online sports betting market and launched its website and mobile app on 13 September 2018. In early 2019, Australian sportsbook operator PointsBet entered the New Jersey sports betting market under a licensing agreement with Meadowlands.
After dismissing the idea for the better part of two years, New York Gov. Andrew Cuomo announced his support of online sports gambling last week. It was one of several policies included in the governor's annual budget presentation as a way to make up state revenue shortfalls from the coronavirus pandemic.
'New York has the potential to be the largest sports wagering market in the United States, and by legalizing online sports betting we aim to keep millions of dollars in tax revenue here at home, which will only strengthen our ability to rebuild from the COVID-19 crisis,' Cuomo said in a statement to the Daily News.
The governor does not have to look very far for a successful online sports gambling market to convince lawmakers in Albany that taxing legal wagers would help replenish state coffers.
New Jersey will exceed $5 billion in total online sports wagers for 2020, generating more than $40 million in taxes for the state in the calendar year.
December numbers will be released on Jan. 13.
Will New York overtake the online sports betting leader?
Most industry analysts believe that the Empire State's online sports betting market will surpass New Jersey's.
'Gov. Cuomo's embrace of mobile sports betting immediately positions New York to soon lead all other states and generate significant revenue for state coffers,' Sara Slane, an industry consultant and former official with the American Gaming Association, told the Associated Press. 'New York, with a population of nearly 20 million, dwarfs any other state with legal betting and should have no problem regularly topping $1 billion a month in wagers.'
The Garden State was an early adopter of online sports betting and quickly became a standard-bearer.
Jane Bokunewicz, coordinator of the Lloyd D. Levenson Institute of Gaming, Hospitality & Tourism at Stockton University, said, 'it was inevitable that other states would follow, especially after seeing New Jersey's success.' New Jersey was aware that competition would eventually arrive.
'As the market for sports betting continues to develop and expand both within New Jersey and in neighboring states, New Jersey could lose ground in terms of market share, but it will be far from out of the race,' she said. 'Sports betting will continue to contribute significant tax revenue to the state even if not at the same levels we've been seeing given both New Jersey's near-monopoly on East Coast online sports wagering and the pandemic.'
Business has been good for NJ
New Jersey lawmakers included online tax rates when they legalized and regulated sports betting in the spring of 2018. The first online operator, DraftKings Sportsbook, started taking wagers that August and eight others followed suit by the end of the year.
New Jersey collected just under $7 million from a 13% tax applied to online sports betting revenue in 2018. Almost 63% of the total sports wagering handle that year was from online action.
In 2019, 84% of the nearly $4.6 billion statewide handle were bets placed via NJ sports betting apps. New Jersey collected more than $31.8 million in taxes from online sports betting revenue.
With Atlantic City casinos and New Jersey's racetracks closed for part of 2020, taxes from iGaming and online sports betting helped to offset losses. New Jersey collected $39.2 million (through November) from online sports betting. Nearly 92% of the state's $5 billion sports handle was from online wagers.
Ironing out NY sports betting details
Even as impressive as New Jersey's tax collections from online sports betting are, Cuomo sees larger numbers for his state. Rather than allow casino operators to conduct online sports betting, Cuomo wants a monopoly operator to run the show and share revenue with the state.
'And I'm not here to make casinos a lot of money. I'm here to raise funds for the state. So we have a different model for sports betting,' he said.
New York state lawmakers, however, do not agree with the governor's approach. A bill introduced Thursday would allow four commercial casinos and three tribal operators to license two skins each. The bill proposes a tax rate of 12% for online sports betting revenue.
A financial summary of the bill estimates $79 million annually for the state. Cuomo's budget director suggested that a single-operator system could generate $500 million per year.
Tax collections could drop
Should New York launch an online sports betting market, the state of New Jersey would see tax collections drop.
Betting Online New Jersey
A sizable percentage of the online sports betting market includes New York residents who are currently crossing state borders to bet in New Jersey. A representative for FanDuel Sportsbook (New Jersey's most profitable sports betting operator) estimated that 25% of online customers hail from New York. The state's second-largest operator, DraftKings Sportsbook, did not provide a figure, but it would be reasonable to assume the percentage is comparable.
'The pent-up demand for legal sports betting in New York, and throughout the east coast, has led many New Yorkers to cross state lines for the purpose of wagering with New Jersey sportsbooks. The (FanDuel) sportsbook at the Meadowlands (Racetrack) has perhaps benefitted most from this phenomenon,' Bokunewicz said, before noting that one retail location grosses more than the eight Atlantic City casino sportsbooks combined. 'This is an indication of the strength of the New York market.'
Because states such as New Jersey and Pennsylvania have already set up successful regulatory models, New York's rollout of an online market should happen fairly quickly, she said. But, even with an aggressive launch by New York, the impact to New Jersey may not be immediate.
'Consumers have developed a relationship with New Jersey sportsbooks and may need at least a little persuasion to change over to New York-based books,' Bokunewicz said. 'This transition period may be shortened of course by those operators, such as market leaders DraftKings and FanDuel, which will likely operate in both states. These operators could make the transition between states virtually seamless for their established customer base.'
Week 9 of the NFL season is upon us; there are a number of legal, online New Jersey sports betting promotions available from BetMGM Sportsbook for those within the state to get in on NFL betting action around this week's slate.
New Jersey NFL betting promotions
New York Giants Week 9 Betting Promotion
Bet $1 on the New York Giants money line, win $100 (in free bets) if the Giants score a touchdown during Week 9. Bet now!
New York Jets Week 9 Betting Promotion
Make any $1 bet on the New York Jets, get $100 (in free bets) in your account. Regardless of how the Jets do in Week 9 vs. the New England Patriots, you win! Bet now!
Pittsburgh Steelers Week 9 Betting Promotion
Bet $1 on the Pittsburgh Steelers money line, win $100 (in free bets) if the Steelers score a touchdown during Week 9 vs. the Dallas Cowboys! Bet now!
Sunday Slate Betting Promotion
Bet $1 on ANY TEAM'S money line Sunday, WIN $100 (in free bets) if ANY TEAM scores a touchdown during Sunday's NFL action. Bet now!
Sunday Night Football Betting Promotion
Bet $1 on either the New Orleans Saints or Tampa Bay Buccaneers money line, WIN $100 (in free bets) if either team scores a touchdown during their Week 9 Sunday Night matchup. Bet now!
Bet $1 on the Tampa Bay Buccaneers money line, WIN $100 (in free bets) if Buccaneers QB Tom Brady throws a touchdown against the New Orleans Saints in Week 9. Bet now!
Is Online Betting Legal In New Jersey
Special Monday Night Football Betting Promotion
Bet $1 on either the New England Patriots or New York Jets money line, WIN $100 (in free bets) if either team scores a touchdown during their Week 9 Monday Night Football matchup. Bet now!
New customer offers; offers cannot be combined. Terms and conditions apply. Visit BetMGM for full rules.
Want action on any of this weekend's NFL games? Sign up and bet legally online at BetMGM. If you're looking for more sports betting picks and tips, visit SportsbookWire.com. Please gamble responsibly.
Also see:
Bet Slippin' Sports Betting Podcast: NFL Week 9 and 2020 Masters Picks And Predictions – Ep. 16NFL Power Rankings entering Week 9 via TheListWireThe Rookie WireFollow SportsbookWire on Twitter and like us on Facebook.
Online Betting Sites In New Jersey
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