Sports gambling in New Jersey is a big winner in August

New Jersey Online Sports Betting (NJ)

Sports gambling in New Jersey is a big winner in August

Sports Betting is live and legal in New Jersey! FanDuel Sportsbook and DraftKings Sportsbook are our Top 2 online sportsbooks! You must be in NJ to play.

There are a number of online options for sports betting in NJ. You must be physically located in NJ, and you will be asked to verify your identity should the automated Geocomply tracking system not validate.

The two largest sportsbook currently operating come from the daily fantasy space in DraftKings Sportsbook and FanDuel Sportsbook. Draftkings partnered with Resorts Casinos and FanDuel was recently purchased by Paddy Power Betfair.

Betfair US has rebranded to the FanDuel Group and partnered with IGT and GAN, which deliver on the technical platform. Both products are sleek, easy to use, and up and running for NFL.

Requirements to Place Wagers in NJ

In order to place wagers at New Jersey’s online sportsbooks, players must be at least 21 years of age. They must also be registered to play in New Jersey. Bettors need not necessarily be New Jersey residents, but they must be physically present in the state when the wager is placed.

In other words, anyone located outside New Jersey may not use the New Jersey-based platforms to place wagers. Players who are registered for other forms on online gambling in New Jersey need not repeat their registration simply for the purpose of sports wagering.

One registration is sufficient for all online wagering in New Jersey.

How to Bet on Sports in New Jersey

New Jersey is arguably a king when it comes to online sports betting. Indeed, the industry as a whole has New Jersey’s sportsbooks among some of the best out there.

To bet on sports in New Jersey, you will need a handful of things to check off your list. Some of them are necessary, while others could help your experience.

1. Things To Look For

When betting on sports in New Jersey, you should look for a variety of factors. These include different sports to bet on, if they have an app you , some of the biggest welcome bonuses, any ongoing promotions, and the types of deposit methods.

For example, DraftKings typically has a $500 free bet and a deposit bonus. It has a great app you can download, multiple promotions for customers, and a variety of deposit and withdrawal methods.

Another example is 888Casino having its $20 no-deposit bonus. Then it has an up to $500 welcome bonus.

A popular payment method that a lot of online casinos in New Jersey have is PayPal. It is actually more uncommon if they do not have it, since it has become a customer favorite.

2. Check Out the New Jersey Promo Code Deals

If you want to find some of the best deals on the market, you should click through our banners to take advantage of the biggest promotions. These promotions can definitely make a difference between having some extra betting power and none at all. These promo offers are essentially free money. Some are better than others, so read the fine print.

These are the top sportsbook apps in New Jersey as of March 2021.

  • DraftKings
  • FanDuel
  • William Hill
  • BetMGM
  • FOX Bet
  • PointsBet
  • 888
  • SugarHouse
  • Bet365
  • Caesars
  • Unibet
  • Golden Nugget
  • Resorts
  • Borgata

3. Mobile-Friendly

Another option for online sports betting in New Jersey would be how mobile-friendly the sportsbook is. Do you want to be able to place bets on the go wherever you are?

Checking out a sportsbook’s app will be a deal-breaker on some sportsbooks who do not have one. When downloading, you will need to register if you do not have an account. Then you will need to verify your age, your location, and who you are.

4. Putting Down Money

As mentioned above, most sportsbooks will have various options for depositing money into your account. This will be your next step, as you need money to place wagers.

Make sure you find a deposit method that is right for you. This also goes hand in hand with withdrawal methods, so you will need to coordinate your options for sending and receiving money.

5. Your First Bet

This should be the moment you have waited for. Upon successfully registering for an account, now is the time to get in on the action.

Keep in mind that if you signed up with a promotion code or are eligible for bonuses, that you take care of those wagering requirements first. If not, you would risk losing free cash or risk-free betting opportunities.

Make sure you read the terms and conditions on the sportsbook that you choose. These will vary from one sportsbook to the next.

Frequently Asked Questions

Is mobile sports betting legal in New Jersey?

New Jersey fostered the federal lawsuit, which altered the course of sports betting in the US. They were immediately ready to open physical sportsbook facilities, with mobile sports betting added in less than a month. Bettors can use several mobile apps to bet within the state borders.

What is the top sports betting app in New Jersey?

When you account for nearly half the online sports betting revenue in the state, you must have something bettors find appealing. FanDuel has that something. They swamped their DFS rival and sportsbook app competitor by nearly $70 million in 2019.

How much revenue has come from New Jersey sports betting?

Currently, New Jersey has reported over $6 billion in total sports betting handle. From this figure, more than $400 million has been generated in sports betting revenue, plus over $50 million in tax dollars for the state from sports betting operations, online and brick-and-mortar.

Is DraftKings sports betting legal in New Jersey?

It is now legal to use the DraftKings sportsbook app in four states, including New Jersey. When New Jersey opened the door for online sports betting, DraftKings was ready. They brought a stable of nearly two million dedicated DFS accounts, many who visited or lived in New Jersey.

Is FanDuel sports betting legal in New Jersey?

Among all the available sportsbook apps in New Jersey, FanDuel has assumed a dominant role. In New Jersey, FanDuel’s legal sportsbook app was one of the first to launch. It accounted for nearly half of the total online sports betting handle in New Jersey for several months.

Are sports betting winnings taxed in New Jersey?

Sports bet winnings are taxed for all bets with New Jersey sportsbooks, not just residents. Winnings over $10,000 tax at 5 percent of payouts. Winnings over $500,000 tax at 8 percent. If the winner does not supply a tax identification number, the rate is 8 percent.

Who Can Gamble Under New Jersey Betting Laws?

To use the applications to bet online, you must be physically present in the state of New Jersey. These betting apps will use sophisticated geolocation that will only allow betting from within New Jersey state lines. You also must be 21 years of age or older to wager.

What is the best deposit match bonus in New Jersey?

Currently, the best deposit bonus is with DraftKings Sportsbook. It offers a $1,000 deposit match at a 20% match rate. This means that a $5,000 deposit will be needed to earn the full bonus. No other sportsbook comes close when it comes to a deposit bonus.

Can you play with online casinos in New Jersey?

Yes, on top of online sports betting, New Jersey also has licensed, regulated, and legal online casinos. There are tons of options to play with in New Jersey, BetMGM and Unibet. The casino games include slots, table games, live dealer games, and video poker.

Do I have to bet on sports online in New Jersey?

No, there are physical sportsbooks in New Jersey. However, you will find the best promotions and the most amount of options with online and mobile betting. There is a much more competitive online betting market, meaning you get better value as a bettor.

Legislative History and Revenues

As the plaintiff in the case of Murphy vs. National Collegiate Athletic Association, New Jersey was ready to legalize sports wagering from practically the moment that the decision was issued.

New Jersey had spent the better part of the decade mounting its legal challenge to the federal bill banning sports wagering and laying the groundwork for legal sports betting. Before Murphy, sports wagering had been prohibited nationally everywhere except for Nevada.

This law was struck down as unconstitutional as the Supreme Court ruled that the federal government could not force states to enforce federal law.

Immediately after Murphy, the New Jersey legislature passed a bill that legalized sports betting in the state. All physical casinos in the state immediately began to prepare to offer sports betting.

Sports betting revenues have been projected to reach $124 million annually. The ultimate size of the market may be much greater than anticipated.

Since the early estimates tend to be conservative, New Jersey sportsbooks may exceed the projected revenue.

Regulations, Applications and Partnerships

The New Jersey regulations permit online sportsbooks to operate so long as the sportsbooks are partnered with an existing physical casino. While eight casinos offer physical sportsbooks, several online sportsbooks began in August 2018, with more on the way.

In the wake of the Supreme Court’s decision in Murphy, New Jersey rushed to establish temporary regulations that would enable online sportsbooks to get up and running. These regulations will be finalized after 270 days. These regulations govern both the application process as well as the taxation rate. Also, they address the operation of the online sportsbook.

Casinos are allowed to partner with up to three online entities to establish websites. Casinos are required to build physical locations for a sportsbook if they intend to operate an online sportsbook.

Casinos are granted a 270-day waiver to operate an online sportsbook while the physical sportsbook is under construction. The fee to obtain an initial sports wagering license is $100,000, with at least $100,000 required for license renewal.

The regulations establish the tax rate at 13 percent of revenues for online sportsbook operators. This rate is much lower than the prevailing rate in neighboring Pennsylvania. New Jersey refused to impose the “integrity fee” on each wager that sports leagues were seeking to police the gambling market.

Many saw the attempt to impose the “integrity fee” as a money grab on the part of the sports leagues, and New Jersey was at the forefront of states rejecting that fee.

Existing Casino & Sportsbook Partnerships

Online SportsbookSports Betting PartnersLand-Based AffiliateMobile AppWebsiteLaunch Date
DraftKings SportsbookKambiResorts ACYesYes8/6/18
Fox BetN/AResorts ACYesYes

Источник: https://www.lineups.com/betting/new-jersey-sports-betting/

New Jersey, New Record: NJ Sportsbooks Handle $668M In August, Destroy Previous Nationwide Record

Sports gambling in New Jersey is a big winner in August

At least in the world of the monthly New Jersey sports betting handle, the V-shaped recovery is real.  

The New Jersey Division of Gaming Enforcement released August sports wagering handle and revenue figures on Monday, revealing what amounts to not only a New Jersey record, but a new height for any U.S.

jurisdiction permitting legal wagering: NJ sportsbooks accepted a combined $668 million in wagers (the “handle”) in the month of August alone, clearing New Jersey’s previous high mark by more than $100 million. The previous record was $562.7 million in November 2019.

The previous nationwide record was $615 million in Nevada — also in November 2019. 

Of course, for the bettors and bookmakers, separate from the entertainment it provides, the only number that matters is the corresponding margin. Collectively, New Jersey sportsbooks won (or “kept”) $39.5 million of the dollars wagered, or roughly 5.9%, which is about one point lower than what New Jersey has averaged since June 2018. 

The least surprising figure in this report is the percentage of wagers coming online versus in person at physical sportsbooks.

Many of those indeed were open in August under certain public health restrictions, but online wagering represented $601.9 million of the lot versus $66 million coming in person, for a total 90% coming via mobile devices and browsers.

Prior to the COVID-19 impact, NJ sportsbooks took in between 80-90 percent of handle online/mobile for 14 consecutive months.

Strange days and big demand

Here’s the obligatory: Everything these days and months in the world of sports, and the globe as a whole, is quite different.

Fans and bettors in August, never before, took in new NBA and NHL playoffs formats in their late July season reboots.

Not just new formats, but programming schedules that in early rounds provided wall-to-wall live programming from afternoon into the late hours.  

Major League Baseball finally got its act together and began a shortened season in late July; the PGA Tour had five tournaments touching August, including the major PGA Championship; and mixed martial arts continued to roll on, highlighted by the UFC 252 trilogy bout between heavyweights Stipe Miocic and Daniel Cormier, in which Stipe won by decision to retain his belt. On the flip side, COVID-19 subtracted the NFL preseason (which generates more betting handle than most think) and a large chunk of late August college football from the calendar. 

It’s hard to figure how much of the stunning jump in weight class to $668 million we can attribute to pent-up demand. August represented the first full month of quasi-normalcy in sports (in 2020 terms). The handle low came in April 2020 at $54.6 million, which rose to $315 million in July as more leagues resumed play. 

Pent-up demand is at least one considerable factor, as the early months of the U.S. coronavirus response (or non-response) left the sports cupboards stocked with … let’s put it this way: table tennis was Colorado’s most heavily bet sport in the month of June.

geolocation pings and anecdotes, we know that New Yorkers continue to send dollars into Jersey, due in part to the lack of legal online sportsbooks in New York, where legal wagering remains limited to on-premises at a bunch of upstate commercial and tribal casinos.

 

Despite the record handle for NJ in August, from a revenue standpoint the the books actually fared better or close in two other months:

  1. January 2020: $53.5 million revenue ($504 million handle, 9.92% hold)
  2. October 2019: $46.4 million revenue ($487.9 million handle, 9.51% hold)
  3. September 2019: $37.8 million revenue ($445.6 million handle, 8.50% hold)

So August 2020 knocks September 2019 off the podium in terms of revenue. (A full breakdown of NJ casino revenue, brick-and-mortar and online, sports included, is available at NJ Online Gambling.)

Which sportsbooks performed best? 

The results here are also less surprising than the top line figure: A combination of FanDuel Sportsbook and PointsBet — both operating in partnership with Meadowlands Racetrack — and DraftKings and FOX Bet, both operating through agreements with Resorts AC, led the way by a lot.

The DGE’s revenue report doesn’t allow us to parse out which online sportsbook accounted for exactly what through the Meadowlands or Resorts, but we postulate that PointsBet is accounting for an increasing percentage as its national profile begins to rise.

FanDuel and PointsBet combined for $17.6 million in gross revenue — or nearly half of the $39.5 million (we don’t know what handle the pair generated).

Meanwhile DraftKings and FOX Bet took in $10 million in revenue (wise, we don’t know how much handle the pair generated, only revenue).

BetMGM via Borgata made a charge with $3.3 million for the month, and William Hill’s figures are harder to accurately parse out, but it’s definitely in fourth with somewhere in the ballpark of $2 million online revenue. 

What will the New Jersey taxpayer see from the August haul? Roughly $5 million, with $4.5 million coming via online wager revenue, which is taxed at 13% versus 8% for revenue on in-person wagers. 

How about September?

For starters, the last week of September will bring us the Nevada monthly revenue figures.  results in New Jersey, we shouldn’t underestimate how high it may go. Of course, tourism, as it is everywhere, is way down, and New Jersey has a threefold state population advantage. But underestimate at your own risk. 

The September numbers for Jersey will include wagers on the later stages of the NHL and NBA playoffs, meaning fewer but higher-stakes games, at least for the players and teams involved.

And of course the start of the NFL season, which, assuming the NFL proceeds without scheduling hiccups, will put the first three weeks of the NFL season in the books before turning to Week 4’s full Sunday slate on Oct. 1.

Seven hundred million or even three-quarters of a billion dollars in handle does not seem too far sight. 

Of course, this being responsible gaming education week 2020 (Sept. 13-19), we’ll close with a reminder that these sports betting dollars should represent entertainment, and not people overextending their budgets. Some help resources and information for responsible gambling are available here. 

Источник: https://sportshandle.com/new-jersey-sports-betting-record/

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