NJ’s Inaugural Sports Betting Network Event Highlights Business Component

On Sep 6, 2019

The New Jersey Economic Development Authority (NJEDA) held its first-ever sports betting networking event to connect leaders within the Garden State’s growing sports wagering industry. The event, held in Newark, showcased New Jersey’s expanding presence as a global sports betting hub.

According to statistics released by New Jersey’s Division of Gaming Enforcement, sports wagering has generated $127.5 million in gross revenues in 2019 through July 31. The sports wagering gross revenue for July 2019 alone was $17.9 million, up more than $14 million from July 2018’s $3.8 million. In both May and July, New Jersey led the nation in the amount of money bet on sporting events.

“New Jersey’s expanding sports betting industry represents an opportunity for high-tech firms to bring high-paying jobs into New Jersey,” NJEDA Chief Executive Officer Tim Sullivan said. “This first-of-its-kind sports betting networking event will foster connections among established sports wagering companies and their New Jersey partners that will allow this quickly-growing industry to continue expanding in our state.”

New Jersey became the one of the first states outside of Nevada to legalize sports betting in June 2018.The previous month, in Murphy vs. NCAA, the United States Supreme Court overturned the 26-year-old Professional and Amateur Sports Protection Act, which prohibited state-sanctioned sports gambling outside of Las Vegas.

New Jersey’s Division of Gaming Enforcement is seen by many in the gaming realm to be one of the most progressive and innovative regulatory agencies in country. Under the director of Director David Rebuck, the agency has overseen the rapid expansion of New Jersey’s legal sports wagering industry.

“New Jersey has emerged as a leader in one of the world’s fastest-growing industries,” said New Jersey Division of Gaming Enforcement Director David Rebuck. “We are proud to work with our partners at the NJEDA to continue to grow sports wagering in New Jersey in a responsible way – one that serves both sports wagering patrons and the broader industry.”

Eighty percent of New Jersey’s sports betting revenue is driven by mobile wagering. This means that unlike traditional gambling, much of New Jersey’s sports betting industry is driven by high-tech companies that provide applications for betting. This creates opportunities for startups in New Jersey’s technology sector to grow as the sports wagering industry expands, which in turn creates job opportunities for skilled workers.

“New Jersey has all the elements that make it the perfect location to be a hub of sports gambling world,” said New Jersey Technology Council President Aaron Price. “We are the number one most connected state, with the most comprehensive wireless internet coverage, which facilitates the growth of the mobile sports betting industry. In addition, we are home to one of the most talented, diverse workforces in the nation and we are quickly becoming a hub of innovation and investment, which makes it easy for existing and new companies to launch in the state smoothly.”

To access more business news, visit NJB News Now.

Related Articles: