Mobile sports betting proves immensely profitable in New Jersey.
If there’s anything that can convince a government to follow in the legislative footsteps of another, it’s a boundless influx of wealth. New Jersey’s latest figures following the legalization of mobile sports wagering are beyond impressive, and just might compel other states, if not entire countries (cough~Canada~cough) to do the same.
New Jersey’s most recent financial statement, issued monthly, details the amount of money wagered on its regulated mobile sportsbook offerings in the month of July. It amounted to nearly twice the betting volume Nevada brought in during the same time frame, proving the imminent value of online and mobile betting options.
Mobile Sports Betting Proves Immensely Profitable in New Jersey
The New Jersey Division of Gaming Enforcement, in conjunction with the NJ Office of the Attorney General, has released its latest land-based and internet gambling financial reports. In a press release titled DGE Announces July 2020 Gaming Revenue Results, the monthly handle for sports wagering in the state came to $315,118,805. Only $19.3m of that came from retail betting, while $295.8m in wagers were placed over the internet. That $19.3m retail handle doesn’t even come close to the $29.6m the state reaped in taxable revenue.
Taking in $315 million in sports wagers is impressive enough on its own. The fact that it represents nearly double the monthly handle in Nevada, which handled $163.6 million in sports bets in the same time frame, seems extraordinary. Outdoing the gambling mecca of the western hemisphere is an accomplishment indeed. The comparison makes a lot more sense, however, when you factor in Nevada’s current refusal to legalize online sports betting, for fear it will hurt the market’s land-based sportsbooks.
At the same time, the NJ/NV revenue comparison highlights the benefits of internet sports betting legalization, and could very well lead to more states and/or countries following in the footsteps of New Jersey. After all, money makes the government go round. There’s not a single tax coffer on the planet that wouldn’t appreciate a little more padding these days. Whether they agree that taking sports betting mobile is the correct route is another question.
Will Canada Finally Update Sports Betting Laws?
Here in Canada, we’ve been betting on sporting events for decades. But in all that time, the only legal wagers are parlays, available through provincial lottery corporations. As such, the offshore sports betting market is incredibly appealing to punters. It’s not illegal, but it’s not earning any revenue for the provinces, either.
Canada’s federal government has been mulling the prospect of single-event betting since 2012, but has never pulled the trigger. It was expected to pass this year, but political agendas were put on hold in March, due to obvious, unforeseen circumstances. With land-based casinos closed until further notice, it would make since not only to legalize a full spectrum of sports wagering opportunities in Canada, but to also ensure the activity is available for online betting.
It seems like a pipe dream at this point, but I still believe there’s hope for live, online and mobile sports betting in Canada. The driving force behind the passage of legislation will be, first and foremost, dollar signs. Secondary will be the will of the people, who’ve been begging for legal sports wagers on single-events for years. I imagine the announcement, if and when it does come, will list those priorities in the opposite order, but we all know better.