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New Jersey’s Governor Phil Murphy Predicts NJ to Beat Nevada in Sports Wagering Revenue
May 1, 2019 Aleksandra Zolotic
With more and more markets in the US opening the doors to sports betting regulation, it’s only natural that they start competing against each other to gain bigger revenue. Holding a keynote speech at the Betting on Sports America conference…
…governor, Phil Murphy, boldly predicted that New Jersey stands quite positive chances to sur Nevada in stakes by as early as next year. Murphy is already an active vocal er of sports wagering. He also puts plenty of efforts into making the entire vertical is fair and functional.
NJ as Capital of Sports Betting
Besides pointing out the ongoing expansion of sports wagering state-wide, he also stressed out the increasing need to manage expectation on taxation. The massive legalization will bring a boost in employment and hopefully shift away from unlawful practices in betting. As he commented during the speech:
“My vision is for New Jersey to continue to lead the way to be both the intellectual and technical capital of online sports wagering in the United States – the place where new technologies are built and proven and the place that other states emulate in creating a regulatory structure that enables the marketplace to thrive.”
Already Breaking the Records
Being among the several states which have made all forms of gambling legal, NJ already has noteworthy positive results regarding the revenue. This particularly goes for online and sports wagering, which, as stated, went even above expectations. As Murphy sees the situation, New Jersey is a territory with plenty of potential, which is why he declared:
“For every aspect of the industry – from product marketing to analytics, to compliance services and everything in between – New Jersey is the place you want to be. Today we find ourselves in a strong position to provide this leadership. Already, not one year on from when I placed those first legal bets – it’s really only just over 10 months – over $2bn has been waged. We have pumped new life and brought new customers to our race tracks and casinos.”
NJ Welcomes Multiple Operators
It seems that numerous teams recognized this territory as a strategically smart position which is why they show interest in expanding in that direction. NetEnt’s partnership with DraftKings is the latest example of deepening the presence on a market with plenty of potentials. Besides this…
…GAN inked a content distribution deal with Parx Casino to make the portfolio available to NJ consumers. Moreover, Digital Fuel Marketing also broadened the reach by setting the foot in the state as well. These are just some of the most recent deals which illustrate the recognized potential of this territory.
Source:
“New Jersey to Sur Nevada in the Sports Betting”, Niji Narayan, europeangaming.eu, April 29, 2019.
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The Governor’s announcement is surely a brave one, but makes sense. There’s surely a good reason why so many operators want to operate on that market.