"Kostin expects New Jersey to widen its lead throughout the NFL’s 2019-20 season — thanks largely to NJ now having more than double the online sports betting sites it did last year.
Indeed, when the NFL season kicked off last year, New Jersey had only eight physical betting sites and seven online outlets. This year the state will offer 10 physical locations and 15 online sites, plus five more soon to come online."
From a legal and regulatory risk exposure perspective, this puts New Jersey front and center in the sports betting market. In May 2018, the Supreme Court of the United States overturned the Professional and Amateur Sports Protection Act (PASPA) of 1992. This decision has opened sports betting opportunities nationwide, and many states are now moving quickly to build the regulatory infrastructure that is required to support this type of business. Legalized gambling, in all forms, requires a significant amount of oversight and resources to ensure operators, players, and the public are protected. Regulators will be watching for a variety of issues including consumer protection, data protection, money laundering and sanctions concerns.
NJ’s total sports gambling handle during last year’s season from September through January was $1.5 billion — despite the fact that sports betting had only become legal in the state last June. Nevada’s, meanwhile, was $2.7 billion — a total that doesn’t look so impressive by comparison, considering that on-site sports betting has been legal in Nevada since 1949 — and online since 2010. Indeed, it only took 11 months for New Jersey to overtake Nevada’s sportsbook wagers on a monthly basis when it booked $318.9 million worth of sports bets in May, versus $318.3 million for Nevada. NJ did it again in July, with NJ sports bets that month coming in at $251 million, versus $235 million for Nevada.