New Jersey grows her online betting industry with the participation of New Yorkers
For some months now, about 80% of the revenue realized in New Jersey sports betting has been through online sportsbooks.
This significant rise has piqued the interest of industry analysts to find out what has brought about the change in NJ’s sports betting market. After which it was discovered in a public hearing that New Yorkers and other players outside the borders of New Jersey have been coming to NJ to participate in the sports betting.
Some of the sports betting operators such as FanDuel Sportsbook attested that a large percent of bettors on its online sportsbook had used their New York home addresses to register.
Similar testimony came from Lindsay Slader, the Vice President of Regulatory Affairs at GeoComply; she said about 44% of users who were noticed to try signing in on a New Jersey app from outside the NJ borders come from New York.
All these further solidified the claim that New Yorkers played a vital role in the significant rise in the growth of the NJ online betting industry and the industry look forward to more of their participation before New York gets to legalize sports betting.
The further New York delays legalization of sport betting the better for New Jersey
In the word of Sen. Joseph Addabbo, at a meeting for Senate Standing Committee on Racing, Gaming, and Wagering, where he said:
“Players from New York deserve to be credited for the huge success that has been experienced in New Jersey sports betting.”
And other panelists at the meeting favorably speaks in support of the claim by Addabbo.
One of those is Lindsay Slader from GeoComply, who chipped in further that:
“8% of individual accounts for users in New Jersey online sportsbooks come from New York. Although GeoComply ensures that all gambling performed in NJ sportsbooks are within the borders of the state and keeps actively blocking users who want to wager from outside New Jersey.”
This further shows that New Yorkers are keenly interested in sports betting and the more the Empire City delay the legalization of sports betting, the better for the growth of sports betting in New Jersey.
Does New York’s legalization of sports betting have any direct effect on New Jersey’s?
There will surely be an effect on NJ gambling and betting industry if New York goes ahead to legalize sports betting. However, the rate and level of impact are what we don’t know. It is still a puzzling question.
Considering the fact that Pennsylvania, another neighboring state just legalized her sports betting & online gaming industry and players from PA who frequently visit NJ to wager now have options to wager and stake in their region without crossing borders. If New York enters the industry, then the impact will be felt on New Jersey’s sports betting industry.
Lindsay Slander from GeoComply as this to say about the situation if New York eventually legalizes sports betting:
“Some players in New York who currently come to New Jersey to wager might have no reason to do so when they have convenient options in their region. However, differences in products delivered by operators in New York and New Jersey might still give room for some here and there betting.”
Moreover, before New York legalizes her sports betting, the NJ sports betting industry will keep growing through the participation of New Yorkers within NJ borders.