At the end of 2020, the New Jersey sports betting handle closed with the record-breaking high of $6,016,968,399 having been wagered on sports betting.
It may come as a surprise to some that 2020 saw such a high in sports betting, considering the fact that for much of the year, sporting events were cancelled and most of us spent the majority of our time at home. However, even with these setbacks, the industry experienced a veritable explosion in popularity.
A big year for the sports betting industry in New Jersey
One factor in New Jersey’s sports betting success is the fact that the sports industry was able to adapt and accommodate players and health and safety needs in order to restart games in the fall. Niche sports, such as esports, also saw a huge increase in interest as they can be played all year round, in lockdown or quarantine, so the games and competition never ceased. The esports industry is likely to continue to grow its following and attract more crowds and bets going forward.
Another reason why New Jersey saw such a high amount wagered is because of its proximity to New York and New York City in particular. New York currently does not allow for sports betting to take place legally, but New Jersey obviously does. Since New Jersey is so close to New York City, many New Yorkers place their bets in New Jersey – it has been estimated that in 2020, New Yorkers placed over $918.8 million in wagers.
Not surprisingly, New York state has recognized the loss of revenue they are experiencing by allowing New Yorkers to place their bets in New Jersey, and the state has begun the process of legalizing sports betting.
Online sports betting trends
Perhaps the most significant factor in New Jersey’s massive amount in wages this year was the rise of online sports betting platforms which can be found on WSN’s NJ page. As a result of the pandemic, it was not possible for most people to go to a brick-and-mortar bookmaker in order to place their bets, and if online sports betting platforms had not already been available with high performance, easily navigable platforms, the industry may have floundered.
The online sports betting industry has grown and matured over the course of the last decade. Today, both desktop and mobile applications have top-notch features, security and an extensive array of different sports to bet on. As the industry expands, increasing numbers of platforms have joined the market and must work hard to attract punters with promotions, registration bonuses, new sports, favorable odds and seasonal offers.
There are now so many excellent online sports betting platforms and websites that it can be difficult to find the platform with the best deposit bonuses, odds and range of sports to bet on. World Sports Network does the research for you and lists all of the top sport betting sites and their key promotional information on a state-by-state basis. This is helpful for both novice and veteran sports betting gamblers who are looking for the best platforms to use.
Can other states follow suit?
Following the success of 2020 for New Jersey sports betting, other states may be looking to follow suit and cash in on the popularity of sports betting. However, what chance do other states really have in being able to play catch-up? The truth is that other states do have the ability to launch their own successful sports betting industries, but it will be a long time before they are able to rival New Jersey’s industry.
Large, densely inhabited states such as California and New York have the potential to launch extremely successful sports betting industries, but they are still a long way off from fully legalizing sports betting, much less developing the sector. The good news is that the record high that New Jersey saw this year will serve as a sign of encouragement to other states and show them that if they do decide to legalize, the industry has the ability to expand rapidly.
Creating a sports betting industry in a state is a beneficial act for the state itself, because it is then able to tax the bets and the revenue made through the sports betting industry. As more states struggle to cope with the difficulties presented by the pandemic and other pressures, both internal and external, they may be more drawn toward the lucrative taxation opportunities that sports betting offers.