PHILADELPHIA (KYW Newsradio) — Sports betting has hit a milestone in New Jersey. It has become the first state to register $1 billion of bets in a month.
You can't escape their ads on TV, no matter what you're watching.
"'On my first bet, the Caesars Sportsbook app will cover any loss up to $5,000?' 'Yeah, Carl,'” one ad proclaims.
Aggressive marketing and promotions, like “risk-free bets” to lure new customers, are part of the equation for a continuously growing market in New Jersey.
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Dr. Jane Bokunewicz from Stockton University’s Institute of Gaming and Hospitality said geography is another key element to the success of sports gaming in Jersey.
"Sports fans in the northeast love their teams and apparently love betting on them as well," said Dr. Bokunewicz.
"New York still doesn’t have mobile betting, so a lot of people will ride their bike across the bridge to place a bet in New Jersey because it’s just so convenient...there's a lot of things New Jersey has in its favor.”
She said of the more than $1 billion in placed bets, sportsbooks collected $82 million in profits which are taxed by the state.
Dr. Bokunewicz says about 80% of the bets are placed with an app, and the volume could decrease once New York eventually allows mobile betting.
She said Atlantic City casinos have done well launching mobile platforms, and she doesn’t expect a huge loss once New York is online.
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“Because people have their accounts there, they’re comfortable with the casinos." Dr. Bokunewicz said.
"They may even bet in the casino and share the points that they earn and things like that, so I think the casinos are better protected than the Meadowlands when, eventually, if New York does get mobile sports betting.”
She says loyalty points and rewards programs have been a mainstay of casinos from the beginning, and she expects them to keep doing what works with sports betting.
