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NJ Sports Betting: The State Beats 1.3B in Bets
Legalized sports betting is sweeping the nation.
More than 25 states have legalized sports betting — and more have placed legalization on their agendas for the upcoming year.
It’s no surprise that legalizing betting has become so popular across the country. States have the opportunity to make up for tax income losses from 2020 with a new tax revenue stream.
In the past few months, New Jersey has beat its own sports betting income record — twice! The state is collecting on all of that income tax, and it’s clear that New Jersey sports betting had become a lucrative income stream for both local businesses and the state.
Is sports betting legal in New Jersey?
Not only was the state the first to do so, but the state also led the charge to legalize sports betting across the country back in 2018.
From 1991 until 2018, the Professional and Amateur Sports Protection Act (PASPA) had outlawed sports betting in the U.S. (except for in several states, including state sports lotteries in Oregon, Delaware, and Montana), claiming that sports gambling created a national problem.
In 2012, New Jersey enacted the Sports Wagering Act and legalized sports betting within the state. National Collegiate Athletic Association (NCAA) sued New Jersey, stating the 1991 federal law preempted and superseded the 2012 state law.
In 2018, the U.S. Supreme Court ruled that states had the right to legalize and regulate sports betting, striking down the Professional and Amateur Sports Protection Act (PASPA).
New Jersey has since legalized online sports betting in 2018.
Land-Based New Jersey Betting
Now, sports betting is allowed at casinos and racetracks in New Jersey.
Currently, betting is most popular at Meadowlands Racetrack, The Borgata, Harrah’s, and the Hardrock Casino at land-based sportsbooks.
NJ Online Sports Betting
Since New Jersey legalized online sports betting, the state rakes in even more money from sportsbooks.
Online sports betting accounted for $918 million in September, whereas land-based sportsbooks only drew in about $92.7 million.
NJ breaks its own sports betting record
While sports betting has been increasingly popular since its legalization in New Jersey in 2018, the 2020 COVID pandemic slowed things down a bit at land-based sportsbooks.
This year, New Jersey has been breaking records when it comes to land-based and online sports betting. While the 2020 NFL season saw a 7% drop in viewers, 2021 viewership is up 17% from last, making up for last year’s dip — and then some.
New Jersey sports betting has followed suit, as the state continues to break its own sports betting records each month.
In September 2021, New Jersey broke its own sports betting record of $1.01 billion worth of bets raked in at its land-based casinos and horse tracks.
So far, the state has recorded almost $8.5 billion in sports revenue this year.
NFL Sports Betting
New Jersey thanks the NFL season for the spike in betting revenue. Since the season began, New Jersey has broken its own sports betting records for two months in a row.
Between the start of football season and the upcoming Super Bowl, live betting and futures bets are probably two types of betting that are becoming increasingly popular within the state.
2022 Super Bowl
With the 2020 Super Bowl on the horizon, the state is also thanking the biggest sporting event of the season for its influx of sports betting revenue.
Experts believe that the start of football season, coupled with the upcoming Super Bowl in February, may help to boost income even further.
NJ Proves the Benefit of Legalizing Sports
Since New Jersey has broken its own sports betting record now — twice — it has proven the benefits of states legalizing sports.
The state of New Jersey has also been raking in sports betting income — by way of sports betting taxes. In January 2020, the state pulled in over $50 million in sports betting tax revenue.
The state taxes sports wagers placed in a casino at 8.5%.
All of this additional tax income can lead to major benefits for states. Not only is the state making more money, but more jobs are created at casinos, race tracks, and online sportsbooks.
Not to be outdone, Atlantic City is even bouncing back. The once grandeur boardwalk and casino empire has seen its shares of ups and downs over the years.
Trump promised to bring back AC, but his Trump Plaza Hotel and Casino in Atlantic City was demolished in February 2021.
By the second half of 2021, all nine boardwalk casinos had posted revenue increases, and many of the casinos in Atlantic City are ones that have helped contribute to New Jersey’s boost in sports betting revenue.
New Jersey Sportsbooks Bringing in the Bacon
The land-based sportsbooks that have generated the most revenue over the past month include Meadowlands Racetrack, the Borgata, Harrahs, and the Hard Rock Casino.
The three casinos on this list are all located in Atlantic City, NJ, meaning that the boardwalk may actually be back after all this time.
The Meadowlands Racetrack is the real MVP of land-based sports betting in New Jersey. This racetrack drew in more than half of New Jersey’s sports betting revenue in October.
Its location — just outside of New York City — may be to thank. With millions of New Yorkers and tourists able to visit the racetrack in less than 30 minutes by car and only 45 minutes by train, it makes sense that this betting powerhouse would be responsible for over $44 million for the month of October.
By comparison, Freehold Raceway and Monmouth Park in Oceanport, NJ, only drew in $7 million and $4.5 million respectively.
Another October New Jersey sports betting MVP was the Borgata, which was up 601% for the month, showing the biggest increase in sports betting revenue.
The Golden Nugget came in third, up close to 35% to $14.3 million.
Hard Rock Casino
The Hard Rock Casino was up over 25% to $44.3 million.
The casino claims that in-person gambling revenue saw the biggest increase in October, compared to the previous year. The casino was up $13 million for the month of October.
Harrah’s was up almost 25% in October with $24.3 million of revenue.
Caesars was up 14.6% in October with $8.9 million of revenue.
New Jersey Online Sportsbook Heavy Hitters
If you live in New Jersey and can’t make it to Atlantic City (let’s be honest, who even wants to deal with the traffic or the crowds?), you can always place your bets online.
Online sportsbooks have been contributing to New Jersey’s increase in sports betting tax revenue, too. All legal registered online casinos that serve New Jersey must pay taxes to the state and federal government.
This is just one reason why playing only at legal and verified sportsbooks is so important.
Offshore sportsbooks and casinos don’t pay U.S. taxes and don’t need to abide by federal and state laws. Not only is your state not receiving its fair share of taxes, but state gambling commissions are not regulating these companies, either.
If you don’t receive fair payouts from offshore companies, you may not be able to pursue legal action to get the money you’re owed.
One of our favorite New Jersey sportsbooks is BetMGM.
This online sportsbook is backed by the MGM name. Right now, it’s offering New Jersey residents a $25 free no deposit bonus just by following the OddsSeeker link. Use the OddsSeeker code (ODDSSEEKER) to get your first deposit matched up to $1,000.
Your first bet is also risk-free. BetMGM is licensed in Colorado, Washington, D.C., Iowa, Indiana, Louisiana, Mississippi, Missouri, Pennsylvania, Tennessee, Virginia, Wyoming, and Nevada. BetMGM offers online casino games in New Jersey, Michigan, West Virginia, and Pennsylvania.
Fanduel Sportsbook NJ
Fanduel is an online betting powerhouse that offers online sports betting in states across the country.
Currently, Fanduel is offering new players a risk-free bet or wager of any amount up to $1,000 by following the OddsSeeker link.
If you love fantasy sports, this is the site for you. No need to worry about managing your own fantasy sports leagues anymore (including admin responsibilities, like collecting bets, paying out winners, and keeping track of scores). Simply enjoy watching the games you love and making wagers on your favorite sports.
Tipico is a sportsbook registered in New Jersey and Colorado.
Right now, Tipico is offering OddsSeeker readers a risk-free bet of up to $750 on their first bets. Tipico is the place to be for fantasy sports, moneyline bets, and futures bets in New Jersey.