Sportsbooks in New Jersey have proven the profitability of sports betting. The Division of Gaming Enforcement of New Jersey recorded a total of $16.4 million in the first 2 weeks after sports wagers were made legal in the state. For events that ended in June, there was $15.36 million worth of wagers made, with around $1.2 million for the beginning of July.
At least $1 million of the total wagers were made on future bets, and are currently counted as a win for bookies, which of course will change if the bookies will need to pay out to players.
After years of deliberation, the legalization of sports betting in New Jersey has proved what bookies have been saying all this time: that there is money in sports betting, and the market is great. And given the numbers the sports betting action is putting out, we can say that the numbers will only be growing in the years to come.
Sports Betting Numbers
Out of the $16.4 million in total handles reported, $15.4 million, which is around 94% of the total handles, were completed events. $10.1 million, or 66% of the completed events were related to MLB – Baseball. And 14% of the completed events, which amounts to $2.2 million, were about Soccer/Football.
As for Future Events, they represented 6% of the Total Handle and amounts to $1 million. Out of this amount, $500,247, which is 48% if the future bets were for Soccer/football. 27% of the future bets, which amounts to $280,661 were for American Football, the NFL specifically. 12% of future bets, amounting to $130,177, were for MLB- Baseball.
For those who are looking to start their bookie operation, there is no better time than now. Read a sportsbook PPH review to find out how you can get into the action.
The state of New Jersey was paid by sportsbooks $300,000 in taxes in just the first two weeks of sports betting last June. this, hopefully, will encourage other states to follow in legalizing sports betting. For instance, New Jersey leads in the wagering with $16.4 million, but you also have other states like Delaware, who raked in over $7 million in its first 20 days of legalized sports betting in the state. And since it is just the beginning, it is expected that the numbers will only rise for sports betting.