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A report by Eilers & Krejcik Gaming this week revealed that the state of New Jersey could overtake the Nevada sportsbetting market as early as 2021 in terms of revenues, making it the largest legalized market in the country.
The analysis comes after the Garden State legalized the activity in June after emerging victorious in front of the U.S. Supreme Court, who struck down a sportsbetting ban in New Jersey's favor. The group is predicting that by 2021 New Jersey casinos will haul in $442 million in sportsbetting revenues, eclipsing Nevada's predicted $410 million.
The estimates come as the analysis predicted that there will be a high rate of black market recapture as punters move from illegal bookies to legal books, more bank transaction options becoming available, more books being built in highly populated areas, and cross promotion between online casinos and sportsbooks. New Jersey also has a much higher population than that of Nevada, which relies heavily on visitors to Las Vegas to fuel their sportsbetting economy.
Obviously, the predictions are just that for the time being, but it'll be interesting to see whether or not they come through. Thus far, sporsbetting numbers have been healthy, and will continue to do so as the NFL and NCAA football seasons kickoff.