New Jersey’s sports betting market outpaced Nevada’s in July.
According to figures released by the Nevada Gaming Control Board (NGCB) sports betting handle amounted to $235.7m in July, a 3.6% year-on-year decline from the $244.6m wagered in July 2018.
The figures reveal that New Jersey, for the second time in 2019, had wagered more money on sports than Nevada. Sportsbooks in the garden state took $251m in sports wagers in July. The first instance where New Jersey reported a higher handle than Nevada was back in May.
When it comes to sportsbook revenue, Nevada sportsbooks held on to more than $10.5m in July, a significant increase on the $4m generated in 2018.
Breaking down the figures
The most popular sport to bet on was baseball with almost $175m wagered on the sport. Baseball was also the biggest revenue generator for sportsbooks in the Silver State with sportsbooks making $8.6m from baseball bets.
Parlay wagers managed to generate $64,000 in revenue while $4.1m was generated through wagers placed on other events.
Nevada sportsbooks made a loss of just under $2.1m on basketball bets and a further loss of $182,000 on football bets.
With football season approaching, football betting will likely be a key revenue generator in the months to come.
How did NJ outpace Nevada?
July marked the second month where New Jersey’s handle had surpassed Nevada’s. In May, The Garden State wagered more than Nevada by a very thin margin, but in July there was a significant difference between the markets.
The difference can be attributed to the openness of New Jersey’s betting market. Although both New Jersey and Nevada have mobile sports betting, Nevada regulations require bettors to register their accounts in person at a physical casino sportsbook. New Jersey, on the other hand, allows bettors to create accounts remotely from anywhere within the state, making it much more convenient to sign up and bet.
Although this is an impressive feat for New Jersey, we will now have to wait and see if the Garden State can hold onto its current position going into football season.
For an in-depth look at each state’s sports betting statistics visit the BettingUS stats page.
