The sports betting industry as a whole is seeing more growth than ever before worldwide. This is thanks to several reasons, with the rise of online betting helping a lot to increase those numbers. One place where sports betting is really seeing success is in New Jersey. What is it that makes betting here so inviting?
The Current Numbers In New Jersey
When you take a look at the current figures on sports betting in New Jersey, you can easily see how much the sector is growing. In 2023, the industry saw massive growth. The sports betting handle reached $11.9 billion that year, which was a 9.4% increase around 2022’s $10.9 billion profits. That is a massive increase in just the space of a year.
Many are attributing this success to the growth of mobile sports betting in particular. This makes up $11.4 billion of the total handle above. This was again an increase, going up 12.8% from the $10.1 billion that was made in 2022.
So clearly, the industry is seeing real success in the area. Why is it that so much profit is being made currently?
Changes In Betting Legislation
One of the biggest reasons why New Jersey is seeing such success in the betting industry, is thanks to the legislation that is being passed in the area. Changes have been made for years, laying the foundations for the current state of betting here. There is interesting to note how the legislation differs to other US states, some of whom are much less regulated when it comes to betting.
These changes started when the state were looking to regulate gambling in Atlantic City. This gave legislators a good base to work on when it was time to start regulating how betting would happen in New Jersey.
A referendum in 2011 was responsible for signing sports betting into law, in the following January 2012. However, a year later a District Court decision actually stopped sports betting in the state. Which decision led to a legal dispute, which was fought all the way up until 2018, where it had to be taken to the Supreme Court.
Because the arguments for allowing sports betting in the state had been refined over all those years, it allowed lawmakers to create a strong framework for legalizing sports betting again. Other regions have followed in the footsteps of New Jersey, like in the UK and Ireland where some of the most popular betting sites in Ireland are licensed in a similar way to that of their American competitors. This is what is attributed to the success of introducing sports betting into the state again, as there were no major issues seen like other states have experienced.
Well Regulated Sports Betting In New Jersey
Something else that has allowed sports betting to become such a strong industry here, is the fact that the practice is very well regulated. With the legalization of sports betting, it brought betting out of the shadows and the criminal gangs who used to provide the service.
Now, there is a two tier system which helps regulate the sector. This is made up of the New Jersey Casino Control Commission, and the Division of Gaming Enforcement. These two bodies focus on licensing as well as investigation and enforcement of sports betting laws. When they work together, they ensure safe regulation of sports betting.
Huge Variety Of Sports Betting Products
Thanks to the legalization of sports betting in New Jersey, it has lead the way for so many betting companies to start providing services here. Currently, there are 19 different sport betting sites and 11 sports betting in-person venues in the state. That gives residents so much choice when it comes to the sportsbook operators they go to.
Because there are so many different operators here, it actually puts the state only second to Colorado when it comes to choice. Plus, having those operators call the state home means that new jobs are being made all the time.
The Embracing Of Online Betting
When talking about betting in New Jersey, we have to talk about online betting. As you saw above, it makes up a massive part of the profit the industry makes in the state every year.
Having online betting services available here, means that sports betting is more accessible than ever before. With the legalization of betting, residents have so much choice of different betting sites available. Plus, having access to online betting means that betting is available not just for local sports, but countrywide and even global sports as well.
As you can see from the profits mentioned at the top of this article, residents of the state are very much taking advantage of this technology right now.
When it comes to betting in New Jersey, it is seeing huge growth thanks to excellent legislation, and the opening of many different sportsbook operators in the state. Currently, it is one of the best states to enjoy sports betting in right now.
