|   Business


  |   Business


US Sport Betting: US Gamblers Wagered 950 Million in January in New Jersey Alone

Sports betting has become a worldwide sensation, with gambling enthusiasts from all over the world embracing it. Despite this, the beloved pastime has been illegal in the United States since time immemorial. Even so, thanks to a historic ruling by the supreme court in 2018, the ban on sports betting was lifted. After the memorable verdict, individual states started putting up guidelines on how people should go about the famous recreation. While some states are yet to legalize sports betting, the industry has taken huge strides over the last two years. There have also been several delays for hearings and proceedings due to the Coronavirus pandemic. Even so, it's safe to say that American gambling aficionados have accepted sports betting with open arms.

Although punters in the US can now legally place wagers on sporting events, they still have a lot to do to ensure they are successful. There is virtually no way of predicting how matches will end, making placing wagers an uphill task. Even so, there are several tools you can use to maximize your winning percentage. To improve your betting activity, check out BetzCenter, where you can find statistics, analysis, and expert predictions on most US Sports. Although you may be quite knowledgeable about a sport you love, getting professional assistance when placing wagers is pretty rewarding.

Before the 2018 supreme court verdict, illegal sports betting was already quite popular in America. The then illegal industry recorded more than 150 billion dollars in wagers laced on sports. Nevertheless, now that it is legal, sports betting has grown exponentially. New Jersey is perhaps the best-performing state in terms of sports betting activities. Since sports betting was made legal in the US, New Jersey has set the betting revenue record in America and shutter it multiple times.

In August of 2020, New Jersey surpassed the national record for the most sports betting handle by a single state in a month. Nevada had previously had the best performance with a handle of 614 million dollars back in November 2019. The Garden State shadowed this figure with 668 million dollars. Even so, New Jersey was just getting started. In October 2020, just a month after setting the national record, New Jersey blew past its own personal best with more than 750 million dollars handled in sports betting alone. What's more, in January 2021, the state shattered its record yet again, with punters in the state wagering more than 950 million dollars in January alone. New Jersey has also become the first state in the United States to see monthly online gambling revenue surpass 100 million dollars.

The Impact of Legalizing Sports Betting

The legalization of sports betting in America has had plenty of effects in the country, both positively and negatively. Nevertheless, the legalization of the pastime has generally been more beneficial than destructive. Perhaps the most significant influence that sports betting has had is creating a wealth of jobs for the locals. The local economy has gotten a vital boost due to sports betting, which goes a long way in building the nation. Another advantage that comes with the legalization of sports betting is the fact that authorities can now monitor and regulate the billion-dollar industry. When the pastime was illegal, there was no way to tell whether the sportsbooks gamblers were using were trustworthy. Due to this, unscrupulous sportsbooks scammed many punters out of their hard-earned cash and tainted the image of sports betting.

However, sports betting has also had a few negative impacts. Perhaps one of the most considerable drawbacks of legalizing sports betting is the increased risk of gambling addiction. Still, this problem is purely psychological. Hence, anyone looking to take up the pastime should do it only as a hobby and not a money-making scheme.

Final Thoughts

New Jersey has been the epitome of sports betting in America. The pastime has generated millions of dollars in revenue and drastically improved the local economy of the state.

This article does not necessarily reflect the opinions of the editors or management of EconoTimes

  • Market Data

Welcome to EconoTimes

Sign up for daily updates for the most important
stories unfolding in the global economy.