Can NJ be the first $1 billion Monthly Sports Betting State?

Is New Jersey on the way to becoming the first U.S. state to cross the $1 billion barrier in sports wagering handle? After smashing Nevada’s previous nationwide sports betting handle record of $614.1 million in August with a $668.7 million handle, the Garden State took it up another notch in September breaking into uncharted sports betting territory with a $748.1 million result. It was a new monthly record for the legal U.S. sports betting industry as a whole, defeating the previous month’s record by another 12%.

In another record, 90.6% of all New Jersey sports bets were placed online, making up for $678.7 million of the September betting handle.

The enormous result has put New Jersey now within striking distance of the once-thought impossible sports wagering handle number of $1 billion per month.

The September numbers could have been even higher in a Non-Pandemic Year

Comparing the September 2020 numbers with the previous year, the numbers could have been higher. Had College Football been playing a full schedule as is seen in a usual year, certainly we would have seen more bets on postponed conferences like the Pac-12 and the Big Ten.

Look for other events to also be included in the future too, such as Presidential Election Betting, which alone could have bumped the Garden State’s betting handle way over the $1 billion mark. Other legal betting markets and sports books around the world carry hundreds of millions of betting handle in U.S. Presidential elections, let alone their national campaigns.

Globally, more than $2 billion was wagered on the U.S. Presidential Election. Looking at a breakdown of the numbers that some countries with fully matured sports betting markets have reported in betting for the 2020 Presidential Elections showdown between Donald Trump and Joe Biden:

  • United Kingdom – more than $1 billion (including a single $5 million bet on Donald Trump to win, whilst another bettor reportedly plunged $1.3 million on Democratic candidate Joe Biden to win).
  • Australia – more than $200 million.
  • France – Approximately $400 million.
  • Ireland – Up to $100 million.

eSports to further bump the New Jersey Betting Handle

Once eSports is legalized by New Jersey’s State Legislators, we can fully expect eSports to provide a significant bump to the monthly sports betting handle. Policy reform is coming to make eSports betting a reality in the Garden State, and the bill set for debate when the New Jersey Legislative Session reconvenes in January is already understood to have significant support in the State Senate.

eSports is growing to be so popular among sports fans and bettors that New Jersey’s lawmakers can no longer afford to ignore the potential revenue it could provide to the Garden State’s Budget.

Competitive eSports has grown from something that was only popular in a few Asian and Scandinavian countries to now being a global phenomenon, including the United States.

Of course, eSports betting may never quite surpass football, basketball, nor baseball or even hockey on a mainstream scale in New Jersey. However, there are definitely signs that it could pass at least one or possibly more of these sports once legalized. MMA betting is definitely under threat from eSports.

With the global eSports betting handle projected to top $17 billion by the end of 2020, just a small slice of the pie may well push New Jersey over the $1 billion per month handle figure. What’s more, it could also help the Garden State’s Sports Betting Industry future-proof itself from further damage from the pandemic and other potential hiccups.
Whichever way you look at it, New Jersey should eventually cross the $1 billion per month sports betting handle barrier. It’s just a matter of when.

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