Last updated on July 11th, 2019 at 02:41 am
In 2018, New Jersey sports betting revenue was $1.25 billion. That’s a huge amount of money considering sports betting is legal in the state for just six and a half months. Most industry experts expect the total revenue for 2019 to be triple or even quadruple 2018’s amount.
However, analysts are having a hard time coming up with a 2019 revenue forecast due to several factors. The NJ Division of Gaming Enforcement will release the January’s revenue report this week. It is the right time to come up with what to expect from the New Jersey sports betting industry.
New Jersey Sports Betting in 2019
The Super Bowl attracted a lot of action in New Jersey. The game got $34.9 million betting actions in brick-and-mortar and online sportsbooks. It produced many winners and bookie pay per head experts say most of them will reinvest in other sporting events.
Another interesting development in New Jersey is the mobile sportsbook trend. In August 2018, there is only a single online bookie. Analysts expect the number to grow to 20 operators by the end of the year.
Most consumers prefer using mobile bookies during the cold January weather. However, don’t expect revenue to increase at the same rate as the growth of bookies. New mobile sportsbooks offer deals and bonuses to attract new players. As a result, existing books earn less.
As the industry becomes more competitive, bookies are more likely to take short-term losses. In 2019, analysts expect online bookies and casinos to take a hit.
Atlantic City is not a sports betting destination, as compared to Nevada. March Madness might not bring more customers to the state. However, business will pick up in Summer because of the tourists going to the Jersey Shore. The bad news is that it is a slow stretch for the sporting world.
Overall, experts predict that New Jersey sports betting will bring in $4.2 billion in 2019. Do you think it will go over or under?
