New Jersey has reigned supreme in sports betting handle since legalizing in-person and online sports betting in 2018, but with New York’s online sports betting plan poised to ramp up by the Super Bowl will there be a new challenger to the crown?
The New Jersey Division of Gaming enforcement reported $859.6 million in sports betting handle in March, still down from the record $996 million mark in December.
No state has yet to crack the $1 billion mark for sports betting handle in a single month. Industry experts had openly predicted New Jersey could break the record figure in March due to the NCAA Men’s College Basketball tournament, but the Garden State came up short.
But could New Jersey’s reign at the top of the sports betting heap be sitting on shaky ground with New York ready to kick it’s online betting plan into high gear?
New York officials have estimated upwards of $500 million in revenues for the state when the online betting plan is fully operational, but estimates for a monthly handle are not yet known.
However, an industry study cited by Gov. Andrew Cuomo estimated that nearly 20% of New Jersey’s sports betting revenue came from New York residents crossing into New Jersey to play wagers.
New York Online Sports Betting Must Retain Gamblers
If New York’s online betting program is successful, it can be expected that the majority of these state boundary jumpers would remain in New York for the convenience.
Senator Joseph Addabbo Jr. (D-15), a longtime proponent of online sports betting for New York, said New York can likely retain some of those bettors if the state offers an elite, top-tier program.
New Jersey has a two-year head start over New York, same with Pennsylvania, and the state also has to compete with the bevy of illegal sportsbooks state gamblers have used over the last several years.
“We’re asking New Yorkers to do two things. One, stop what you’re presently doing with mobile sports betting, such as using offshore sportsbooks or crossing over into New Jersey. Get out of your comfort zone and use our product,” he told ESNY.
The second ask is for New York gamblers to stay with the product. It will be a top-tier product, he said, and gamblers will want to continue to use the New York online sports betting plan.
“This is all doable if you have a really good product. I appreciate the New York Gaming Commission for looking for those premium providers and skins. I’m optimistic we’ll have a great product for our users,” he said.
Addabbo added the plan could begin sometime during the upcoming NFL season, but said Feb. 13, 2022, the date of Super Bowl LVI, will be the benchmark for the program.