New Jersey is once again celebrating another month of massive revenue brought in through its sports betting operations, while State Senator Joseph P. Addabbo, Jr. continues his push to get New York off the sidelines with mobile sports betting.
According to the New Jersey Department of Gaming Enforcement, New Jersey’s Sports Wagering Gross Revenue for the month of September, which includes the use of mobile devices, was $37.9 million — up from $23.8 million in September 2018, which is a 59.3 percent increase over the one-year period.
During a hearing in Albany back in May of this year, sponsored by the Senate Racing, Gaming and Wagering Committee, which Addabbo heads, Kip Levin of Fan Duel and Lindsay Slader of Geo Comply stated that approximately 25 percent of New Jersey’s sports betting revenue are bets placed by New York residents. According to these statistics, New Yorkers placed nearly $9.5 million in sports bets in the state of New Jersey last month.
Since January, New Jersey has gained gross revenues from sports betting of $ 190.6 million. Addabbo stated that based on that figure, the lost revenue for New York could be more than $47 million and a certain loss of educational funding.
“New Jersey continues to release astounding sports wagering numbers month after month, while New York remains largely out of the conversation since we do not allow mobile sports betting as of now,” Addabbo said. “With football season now in full swing, the MLB playoffs underway, hockey season dropping the puck, and basketball season beginning soon, the only way these numbers can go is up. With New York not allowing mobile sports betting, our revenue will continue to be poured into New Jersey and surrounding states that have mobile sports betting, in addition to a missed opportunity for increased educational funding that is generated from our state’s gaming operations and creation of new jobs.”
Another aspect of sports wagering that often goes unstated is the current illegal sports wagering that is still thriving in New York since residents do not have an easily accessible way to place a sports bet.
“Just because New York does not allow mobile sports betting does not mean that people are not making sports wagers; they are just doing it illegally,” Addabbo said. “Many residents do not want to take a long care ride to make a sports bet, so they go to their local bookie. I believe with mobile and an increase in accessibility to authorized sports betting, we can recapture the revenue currently being lost to illegal sports wagering and as a consequence, increase educational funding as well. I will continue to push for mobile sports betting when session begins again in 2020.”
The Senator also pointed out that New York’s current sports betting business, which is only available in-person at the four upstate licensed casinos, has increased its pace and posted a total of $2.3 million in revenue for the month of September. Addabbo then remained steadfast on the need for mobile sports betting in New York, pointing once again to New Jersey’s $37.9 million in revenue for the same month of September.