For the second time in three months, the relatively new sports betting market of New Jersey has come out ahead of Nevada for the overall sports handle.
In July, New Jersey took in $251 million while Nevada took in $235 million. In May, New Jersey edged Nevada for the first time.
It’s a shocking result after Nevada was the undisputed king of the legalized sports betting world for decades.
Online betting only launched in August 2018 in New Jersey, but clearly it is having a massive effect on their numbers.
Mobile betting is also allowed in Nevada and does account for a significant part of their intake, but it is easier to sign up in New Jersey and that is likely bolstering their numbers.
In New Jersey, registering to bet online can be completed remotely. As a result players can sign up anywhere in the state.
In Nevada, first time online bettors must appear at a casino or betting establishment in person in order to register.
As a result upwards of 85% of all bets in New Jersey are taking place through online means. Nevada doesn’t release their breakdown, but it’s expected that only 50-60% of their number comes through online means.
While it’s all well and good that New Jersey has emerged as a serious player in the legalized sports betting world, they won’t be king of the hill unless they can sustain their edge in the high season, namely during the NFL regular season.
To some degree it makes sense that Nevada would take a bit of a hit with less online bettors during a time that betting on baseball is the most popular form of betting. The convenience of online betting makes it easy for regular bettors to pony up on a daily basis from anywhere in New Jersey.
Last year, from September through December Nevada’s sports handle topped $500 billion in each of those months. New Jersey has never even had a $400 million month yet.
At the same time, online betting was just getting started last football season. This year, it’s become a habit and a force of nature for many bettors in the Garden State.
But if there’s one thing working against New Jersey’s favor it’s that last year online betting didn’t exist in neighboring Pennsylvania. That includes in Philadelphia, which is just a short hop from crossing state lines.
This year, not only is online betting in full swing, many of the same providers who have made online betting appealing in New Jersey are doing the same in Pennsylvania.
By the way, Nevada has now come out ahead in every month for six years straight. They won $10.5 million in July, a 4.5% hold.