New Jersey legalized sports betting back in June of 2018, less than a month after the Supreme Court struck down PASPA. Since that time, the state’s sports betting industry has grown dramatically. This week, a measure to allow sports betting at Freehold Raceway was approved by a city council.
It’s exciting news for visitors to this racetrack. It should help to bring in significantly more money to the state, too. Today, we’ll look at the state of NJ’s sports betting industry.
Let’s get into it!
New Jersey’s Sports Betting Industry Continues to Grow
Lawmakers in New Jersey were instrumental in getting the Supreme Court to remove PASPA. Many analysts felt that this state would quickly develop a large and successful sports gambling industry. These predictions have turned out to be correct.
Gambling revenue in this state has continued to increase since sports betting laws were approved. The majority of money is being earned in Atlantic City. Here, a huge number of major casino-resorts are operating.
Allowing sports betting helped to significantly improve Atlantic City. A massive influx of visitors began flocking here to make their wagers through land-based sportsbooks. As a result, casino revenue increased here, too.
This industry growth isn’t slowing down, either. Revenue continues to increase here. New reports indicate that January of 2020 saw a 23% revenue increase from the same month the year prior.
Now, sports betting at Freehold Raceway is being discussed. Owners of this track have spoken about plans to allow sports gambling for years. Now, these plans are finally being put in motion.
Sports Betting at Freehold Raceway May Come in 2020
It’s amazing to see land-based sports betting continue to generate revenue in New Jersey. Some felt this would eventually taper off, as online sports gambling is freely available throughout the state. This goes to show that many individuals still prefer to make their bets the only fashioned way.
Another venue is now preparing to allow this form of gambling. Officials at the Freehold Raceway received approval from the city council to offer sports betting at the track. Now, owners of the racetrack will need to request a sports betting license from the New Jersey Division of Gaming Enforcement.
Steve Gallo, a Freehold Borough Administrator, commented on these plans to the media this week.
“What we have is a very preliminary two-page document that states their plan is to do some renovations within the envelope of the existing structure,” he said. “They’re not adding anything new. It’s not going to trigger any major land use application or anything like that, and this is their first step towards getting a license from the DGE.”
That’s certainly true. This is just the first step needed to allow sports betting at Freehold Raceway. It may be some time before any sports gambling options actually open here.
The state’s other two race tracks currently allow sports betting. Since launching sportsbooks, the tracks have brought in a combined $250 million in sports gambling revenue. Freehold Raceway now wants a piece of that revenue pie.
Is The Coronavirus Having an Effect On Atlantic City?
Since December of 2019, the world has been working to contain the spread of Covid-19, a coronavirus originating in Wuhan China. Thus far, containment efforts have failed. The virus has now spread all over the world including the United States.
About 130 people have been infected across 16 states. Several deaths have now occurred in different states. Washington is the worst-affected state right now.
No cases have yet been confirmed in New Jersey. New York, on the other hand, is dealing with a rising infection rate. It seems like just a matter of time before NJ is hit.
This virus can take a significant toll on the casino industry. It essentially forced Macau to shut down for weeks. Some worry about the effects that the Coronavirus will have on Las Vegas.
For now, Atlantic City remains safe from the new virus. It remains to be seen how officials will tackle this issue. Closing casinos here may eventually be the only option.
Sports betting at Freehold Raceway is on its way. This is exciting news for those in the Freehold Borough area.
Stay tuned for more updates on this situation over the next few months!