Fuhgeddabout NY: Despite competition, NJ's sports bets rise
When New York state started taking mobile sports bets last month, everyone assumed it would take a big chunk out of New Jersey’s nation-leading market
Your support helps us to tell the story
From reproductive rights to climate change to Big Tech, The Independent is on the ground when the story is developing. Whether it's investigating the financials of Elon Musk's pro-Trump PAC or producing our latest documentary, 'The A Word', which shines a light on the American women fighting for reproductive rights, we know how important it is to parse out the facts from the messaging.
At such a critical moment in US history, we need reporters on the ground. Your donation allows us to keep sending journalists to speak to both sides of the story.
The Independent is trusted by Americans across the entire political spectrum. And unlike many other quality news outlets, we choose not to lock Americans out of our reporting and analysis with paywalls. We believe quality journalism should be available to everyone, paid for by those who can afford it.
Your support makes all the difference.When New York state started taking mobile sports bets last month, everyone assumed it would take a big chunk out of New Jersey's nation-leading market.
And although New York instantly became the top market in the U.S. in terms of the amount bet on sports in January, it did not hurt New Jersey at all. In fact, New Jersey surpassed its best month in January, taking in $1.34 billion in bets.
That was up more than 40% from the amount New Jersey's casinos and horse tracks handled in January 2021.
New Jersey won a U.S. Supreme Court case in 2018 clearing the way for all 50 states to offer legal sports betting; so far, 33 plus Washington D.C. currently do.
New Jersey raced out to a national lead in terms of the amount of money its casinos and tracks handled in sports bets, a position it held for four years.
But the state realized that was not likely to last forever, particularly once neighboring New York, with a vastly larger population, approved mobile sports betting. More than 80% of all sports bets are made online in the U.S.
New York launched its mobile betting Jan. 8, and in four short weeks, seized New Jersey's sports betting crown by taking nearly $2 billion worth of sports bets. New Jersey's best month ever came last October when it handled just over $1.3 billion.
New Jersey Gov. Phil Murphy anticipated that his state's market would take a hit once New York went online. In a speech last week, he recalled stories of people taking trains, driving or even riding bicycles from New York into New Jersey to make sports bets.
“I think we thought from moment one assuming New York legalized sports betting that it would take a chunk out of our business," he said.
That might still happen, but it has not in the early going.
___
Follow Wayne Parry on Twitter at https://twitter.com/wayneparryac.