In recent years, esports has become big business around the world. Games are no longer just a hobby, but can be a real, professional sport. Casual players have turned their hobby of gambling on these professional players into a lifestyle and can earn a lot of money by having their favorite teams winning tournaments.
The pandemic had a diametrically opposite effect on New Jersey’s online and retail markets for both sports betting and casino gaming. But the growth of online gambling was crucial to offsetting at least some of the loss of revenue at Atlantic City casinos and certainly continuing to stabilize the entire gaming industry.
With esports becoming a real sport, it’s now possible to bet on esports in the same way you can bet on football or basketball. However, one place where betting on esports is still a relatively new thing is New Jersey. It remains to be seen whether esports betting is legal or not in New Jersey. Esports betting is starting to be included in many online sportsbooks and other gambling sites. OLBG.com shows some online gambling sites in New Jersey and the current status of each one.
Are esports betting legal or not?
There has been a lot of uncertainty about whether sports betting is legal or not. Betting on this is legal in many regions, and many others are also adopting. Previously, it was not clear whether it was legal or not, which confused many people. To make sports betting entirely legal in New Jersey, state lawmakers need to expand existing gambling laws. There is a good chance that esports betting will become legal soon because the esports market is growing and with the new e-sports betting legislation, players and bettors in New Jersey will have even more in to bet.
Why was electronic sports banned in New Jersey?
Sports betting is slowly getting approved in New Jersey, and now sports betting is starting to be added to the many casinos and legal gambling sites in New Jersey. But what could be the reason why sports have been banned in New Jersey until now?
It’s very difficult to say for sure because it’s probably a combination of several things. One of the reasons is a possible cause that most esports players and fans are under 21, so it is problematic to promote e-sports betting. It’s hard to say whether that’s the case or not, but it could be one side of the story.
The Future of eSports Betting in New Jersey
So what does the future hold for New Jersey esports betting? It’s hard to be sure, but now that esports betting is starting to become legal in the state, it has the potential to grow rapidly. It’s important to remember that sports such as football, basketball, and baseball are still the most popular bets to bet on, and it will be a while before sports betting comes close to traditional core sports. Hopefully, people in New Jersey will realize that e-sports betting has great potential and, with its growing popularity, sports betting could become a significant revenue stream for the state of New Jersey.
According to official data released this week,
New Jersey sportsbook raked in a record $996.3 million in December betting. This surpassed a record $931 million betting in November and marked the fifth consecutive month the state has set a record in all jurisdictions.
For the full year of 2020, New Jersey’s online and retail sports betting produced $6.02 billion in betting, $5.5 billion in online betting, $398.5 million in operator revenue, and $US 65.1 million in state and local taxes.
Even when post-pandemic life returns to normal, experts believe online sports betting is unlikely to give up its earnings this year, as online betting generated 93.3% ($929.3 million) of the total value.
Top 3 US States for Sports Betting
- New Jersey
The number one state in the United States is New Jersey, taking Nevada out of the top spot. December 2020 proved to be a monstrous month for New Jersey, with the sportsbook’s registered sportsbook for the month close to $1 billion, totaling $996 million.
One would think that, with Las Vegas at your helm, Nevada should be number one in the US rankings, but that’s not the case. Nevada still recorded an admirable $4,340,581,399 in sports betting.
It’s no surprise that the sportsbook value recorded for 2020 was $3,580,864,477. Sports betting, both online and in retail is likely to continue to grow into 2021, especially if the Sixers successfully win the postseason.