Phil Murphy, the Governor of New Jersey, has stated that New Jersey will surpass Nevada in the sports betting stakes by as early as next year. The bold prediction was made during his keynote address in betting on Sports America conference.
“My vision is for New Jersey to continue to lead the way to be both the intellectual and technical capital of online sports wagering in the United States – the place where new technologies are built and proven and the place that other states emulate in creating a regulatory structure that enables the marketplace to thrive,” Phil Murphy stated.
He continued: “For every aspect of the industry – from product marketing, to analytics, to compliance services and everything in between – New Jersey is the place you want to be. Today we find ourselves in a strong position to provide this leadership. Already, not one year on from when I placed those first legal bets – it’s really only just over 10 months – over $2bn has been waged. We have pumped new life and brought new customers to our race tracks and casinos.”
The Governor also took time to add some balance to the ongoing expansion of sports wagering, highlighting the need to manage expectations on taxation, while celebrating the boost in employment it is likely to bring and the shift away from illegal betting practices.