New Jersey has one of the most lucrative sports betting markets in the country. Recently, the Mayor of Atlantic City called for a cut of NJ’s sports betting revenue. It’s here that most sports betting operations take place, after all.
Sports betting is extremely popular in New Jersey. It’s helping to bring the state millions of dollars every single month. Let’s look at what exactly Atlantic City is now asking for.
Sports Betting in New Jersey Continues to Grow
New Jersey was instrumental in getting the US Supreme Court to strike down PASPA. Lawmakers here accomplished this goal in May of 2018, and shortly after officially approved a bill to legalize both online and land-based sports betting. Before long, every casino in Atlantic City began operating a land-based sportsbook.
These casinos also teamed up with major online sports betting companies to operate their internet sports betting platforms. Now, all Atlantic City casinos have an online sportsbook, too. Over the past year and a half, NJ’s sports betting revenue has increased dramatically.
In fact, for almost all of 2019, sports betting revenue has increased in this state. Certain gambling venues are known to generate more sports gambling winnings. Resorts Atlantic City is well-known for earning the most betting revenue in the city.
Not long ago, New Jersey earned more sports betting revenue than Nevada. It was the first time in history that this happened.
The state is certainly happy with these revenue earnings. Officials within Atlantic City now want their piece of the pie.
Mayor Marty Small Sr. Wants a Cut of NJ’s Sports Betting Revenue
As of now, New Jersey has earned more than $33 million through taxes on the state’s sports betting industry. That’s an impressive figure considering how new this industry really is. Now, the Mayor of Atlantic City is requesting a piece of this revenue.
Mayor Marty Small Sr. has officially asked for a direct cut of NJ’s sports betting revenue. He claims that Atlantic City played a major part in the success of this industry. He wants to see Atlantic City given more power to control the money earned from regulated sports gambling.
“In 14 months, New Jersey has overtaken Las Vegas as the No. 1 sports betting destination, and a lot of it has to with the success of Atlantic City and online,” Marty Small Sr. said. “But we don’t get one penny. … That’s unacceptable.”
The mayor wants to see this sports betting revenue used for property tax relief.
“My first, and foremost goal, as it was as council president and will continue to be as mayor, is more rateables for the city and more revenue streams to offset our taxes,” he said.
This is certainly a reasonable request. Atlantic City is no stranger to economic hard times. Better control over NJ’s sports betting revenue would help this city in a major way.
September Proves Massively Successful for NJ Sports Betting Operators
It’s no secret that sports betting revenue has been steadily increasing in this city. This is particularly true now that the 2019/2020 NFL season is in full swing. September proved to be the most successful month for the state’s sports betting operators in history.
According to multiple reports, gamblers in the state wagered more than $445 million on sports in September. It’s the most money ever wagered in this state.
Online sports wagers brought in $41.1 million for casinos in September.
James Plousis, chairman of the New Jersey Casino Control Commission, recently commented on this revenue increase to the media.
“While operators continue to face strong competition for gaming and leisure customers, the increase in total gaming revenue shows the industry has grown for the betterment of both Atlantic City and New Jersey as a whole,” he said.
Mayor Marty Small Sr. is pleading his case. We’ll need to wait and see whether or not lawmakers decide to grant Atlantic City a larger share of NJ’s sports betting revenue.
Stay tuned for more updates over the next few months!