New Jersey Set to Dethrone Nevada by 2021

New Jersey Set to Dethrone Nevada by 2021

Research conducted by the company, Eilers & Krejcik, has some rather encouraging news for the state of New Jersey, who may be on the path to making one of the bigger upsets in the business world…

…For decades now, Las Vegas and Nevada in general have been the undisputed rulers of the gambling industry. But, according to the report, they have only a few more years to gloat and brag about that.

New Boss in Town

It is expected that Nevada’s yearly sports gambling income will rise from the current $279 million to $410 million by the end of 2021. However, during the very same period, New Jersey’s revenue could reach the $442 million – a massive increase from the $35 million where it stands at this point…

…By the end of this NFL season, New Jersey may have 20 online operators in total! The opening of the huge casino resorts in Atlantic City this year, coupled with the rising number of operators in permissive NJ market would result in New Jersey having the biggest sports betting market in the US by 2021!

Some other contributing factors, such as a shift in major card-issuing bank attitudes in processing sports transactions and high rates of black market recapture, could also propel the state to the throne…

…NFL season began last weekend with the game between defending champions Philadelphia Eagles and Atlanta Falcons. This was the first NFL game in history on which US citizens could place legal sports wagers.

Market to Become “Unrecognizable”

Eilers & Krejcik’s head of sports and emerging verticals, Chris Grove, anticipates more big changes as by the time Super Bowl LII takes place in Atlanta in February, the marketplace will become so crowded, it will be “almost unrecognizable.”

“The market by the end of the NFL season will dwarf the market as it stands today. You’ll have at least double the amount of online operators , near-permanent retail sportsbooks at most properties, and an industry-wide marketing machine fully engaged,” said Grove, and added:

“The two things we’re watching for: First, who snaps up partnerships with the remaining regional casino powers. Those deals will go a long way to determining the eventual shape of the market. Second, what states move forward with bills and what kinds of decisions do they make on issues like tax rate and ceding control or revenue to the leagues.”

New Jersey began accepting their first sports wagers in June, after the lightning-quick regulation of sports betting following the PASPA repeal.

Source:

“N.J. sports betting could overtake Nevada by 2021”, Samantha Marcus, nj.com, September 5, 2018.

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