What Legalized Sports Betting Means For New Jersey
Last month, U.S. Legislation granted individual states the authority to legalize sports betting within their borders. New Jersey’s 2014 law allowing sports betting in casinos and racetracks was upheld as well. For New Jersey officials, offering sports betting at their state-owned casinos and racetracks helps bring life to their declining gambling industry. In person sports betting attracts a new market of individuals who desire to bet securely on professional games, without having to do so on risky offshore gambling websites. Nevada previously had a monopoly on sports betting before this decision was made. Delaware was the Second state to allow sports betting and New Jersey followed soon after.
New Jersey is currently featuring two destinations that allow for wages to be placed on sporting events: Monmouth Park and The Borgata. Many more venues are to follow suit, as Atlantic City casinos are preparing to maximize accessibility for visitors. New Jersey officials foresee a surge in traffic to Atlantic City, especially for primetime sporting events. Now east-coasters can plan a trip to Atlantic City, rather than Vegas, and not have to worry about booking a room in the lesser populated city. There is a lot of excitement and promise surrounding this decision as officials believe the legalization of sports betting in New Jersey can provide a major revenue stream for the state.
Shares of casino companies in New Jersey have increased rapidly as shareholders predict business to start booming. Several other states are projected to soon follow in legalizing sports betting as this growing market will likely influence the entire nation. 2019 is expected to be revolutionary for New Jersey as it is expected to see it’s largest amount of traffic since the 80s. Not only will sports betting be available at the brick-and=mortar casinos but there will also be online sites offering daily sports wagering. As New Jersey made online gambling legal in 2013, there is already a population of gamblers who are aware of how online gambling works. Therefore, the transition to daily fantasy sports betting should rapidly grow in the coming months.
The new addition of sports betting in New Jersey makes way for major competition between casinos in Atlantic City. Every major casino in AC is scrambling to offer the best experience for sport-lovers in their casinos. Resorts has teamed up with Draftkings and is set to launch its own unique gambling platform in August. Meanwhile, other major casinos are constructing plans to expand their venues to accommodate for this new market. Ocean Resort and Hard Rock are two new casinos in Atlantic City that plan to implement sports betting in their venues as well.
The decision to pass sports gambling on a state level benefits New Jersey as officials have been pushing for this decision for years. The revenue gained from this source can help revive state of New Jersey and allow other avenues to open up. However, states like Pennsylvania and Delaware could take a significant amount of business from New Jersey in the future. Atlantic City hopes to regain some of the glitz and glamour it has had in years past and take over as the ideal destination for sports gambling.. States around the country will be eyeing New Jersey’s success, or lack thereof, in the sports betting world.