The New Jersey sportsbetting market could reportedly be worth $11 billion, a staggering number that was made during court arguments in which the Garden State is trying to offer legal sports wagering within its' borders.
The large number came from Monmouth Park's Dennis Drazin, who got the number from partner firm William Hill, who is a giant in the UK betting market. US District Court Judge Michael Shipp accepted the valuation of the market, and ended up setting a $3.4 million dollar bond on the case, which the major sports leagues in America (who are suing to keep New Jersey from offering sports bets) will have to post in order to continue with the case.
The valuation would make New Jersey sportsbetting worth more than three times what the Nevada market pulls in, and it is estimated that casinos and racetracks in New Jersey could make more than $600 million in revenues from sportsbetting alone.
Commenting on the valuation UNLV Director for Gaming Research David G. Schwartz said, “It could be more, because of the greater local [New Jersey] population. A greater proportion of people could visit on a regular basis, which would lead to an overall higher bet total. New Jersey does at least double the online poker business that Nevada does, which could be a good analogy.”
For those who have been unable to keep up with the winding New Jersey sportsbetting saga, the Garden State voted to legalize the act two years ago, which was then put into law by Governor Chris Christie. The federal government and major professional sports leagues then promptly sued to keep the state from opening the market, which it won. The state then corrected the fundamental flaws in the law's language and deemed the act legal, which prompted the new lawsuit.