Broadway Joe
Well-known member
- Mar 19, 2019
- 1,992
- 0
Getty Images
Since the floodgates opened in May 2018 for legalized sports betting, the floodgates really haven’t opened.
Based on the experiences of the state whose challenge to federal law resulted in the Supreme Court ruling that authorized the state-by-state of wagering on sports, other states need to get moving.
Via Stephen Edelson of the Asbury Park Press, New Jersey generated a total handle of $540 million in January 2020. That’s a 185-percent bump over January 2019. Wagering on sports produced gross revenues of $53.6 million in January 2020, nearly tripling last January’s $18.8 million. New Jersey realized tax revenues of $6.6 million for the month.
Of the gross handle of $540 million, more than $470 million was wagered online.
Currently, 14 states have legalized sports wagering. Another seven are in the process of implementing it. All 50 need to be doing it, especially since (with the exception of Alaska and Hawaii) most citizens of non-betting states will be able to make a not-too-far trip to a neighboring state that allows betting.