New Jersey Sports Betting Update
Over 80% of the bets placed in New Jersey have been via a mobile device, but their physical locations are growing in popularity as well. Tennessee Legalizes Sports Betting Against Governor’s Wishes. The issue of whether or not to legalize sports betting was a hot topic in the state of Tennessee, but a decision has finally been made. Most Recent Update September 8 – Governor Christie has issued a directive allowing for sports betting in New Jersey in compliance with the Attorney General! It is now up to the sports leagues to move this again to Federal Court, but for now it’s legal. Coincidentally, the NBA commissioner Adam Silver just also announced today that they will begin supporting sports betting nationwide.
We heard the news. While many corner bookies might be worried about big Las Vegas style bookies taking their lunch, there are some important positive things to keep in mind:
1- Not all States are going to legalize sports betting
Below you will find a map of what is expected over the next 5 years. As you can see, it is far from being in every state.
New Jersey Sports Betting Revenue
2- Count on Greedy Politicians to make it hard for new business
In Pennsylvania they want $10,000,000 upfront license and 38% of GROSS gaming revenue – that is before Federal, State, County and even city income taxes.
Basically, in many places they might make sports betting legal, but with taxes like those you’d need to charge 30% juice just to get by. What player wants to play like that?
New Jersey Sports Betting Apps
3- Taxes for players
In Vegas, if you lose $1,000,000 playing in 2017 but then win $1,000,000 in 2018 you’d owe the Federal government close to $300,000 – causing you a net loss of $300k on something that should have been a toss.
Federal taxes are horrible for players in regulated books.
New Jersey Sports Betting Locations
4- Media Attention will Drive more customers
New Jersey Sports Wagering Update
This new decision is going to make sports betting a regular subject on the evening news. Many people would bet, but just don’t’ know anyone or really think about it. When news starts coming up about that big winner, the lucky couple, etc… many new gamblers are expected to enter the market.
So for many bookies, given points 1, 2, 3 and 4… you might actually see an uptick in action.
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