For generations of New Yorkers, the idea of gambling was synonymous with taking a trip across the river and down the coast to Atlantic City, New Jersey.
More brand awareness was built with the Garden State, rather than Gotham, and that’s probably having an impact on why New Jersey is so far ahead of New York right now in the legal sports gambling trade. When it comes to gambling in New York, the upstate region, specifically Saratoga, is where the natural association comes.
Of the 50 United States, 42 have legalized sports gambling or are working towards it. So you will see a boost in business at places like Betting Eagle and Gamblerica as restrictions are further loosened in various states. However, some states are simply doing a lot better than others right now.
“New Jersey sportsbooks handled a record $446 million in bets in September – and with estimates that 25 percent of that amount came from New York bettors, we’re missing out on a huge chunk of revenue which could be benefitting our students and citizens,” said NY state Sen. Joseph Addabbo.
Addabbo believes the potential is there for the Empire state to add another $90 million in revenue from sports gaming, because right now their loss is Jersey’s gain. Pennsylvania is another state that borders New Jersey, and while their business is booming, it still lags behind Jersey. In fact, back in May NJ became the first state to ever surpass Las Vegas in sports wagers made in a month. New York and Pennsylvania started behind New Jersey and they’re still trying to play catch up.
Moving forward, you’re going to see a lot of fluidity in the rankings as things gets more competitive between the various states.
Right now 24 states including Illinois, which has the potential to be a juggernaut in the world of sports books, have pending legislation that would legalize sports gaming, and only eight states are inactive on this front.
Paul M. Banks runs The Sports Bank.net, which is partnered with News Now. Banks, the author of “No, I Can’t Get You Free Tickets: Lessons Learned From a Life in the Sports Media Industry,” regularly appears on WGN CLTV and co-hosts the “Let’s Get Weird, Sports” podcast on SB Nation.
You can follow Banks, a former writer for NBC Chicago.com and Chicago Tribune.com on Twitter here and his cat on Instagram at this link.