Online Gambling in New Jersey is becoming a trend as bettors are leaning over into online casinos. It is due to a lack of sporting events concerning the coronavirus pandemic lockdown. With this event, there is a 124% rise in May internet gambling revenues in the state, relative to May 2019.
New Jersey is one of a handful of states that allows online casino games. According to our online casino directory listings, the games include blackjack and roulette. And its market is the largest and most developed.
Online Gambling in New Jersey Fueling DraftKing’s Stocks
DraftKings is one of the two leaders in online gambling in New Jersey. Especially with the online sports betting market, which is proving the best betting odds to its players.
Also, DraftKings estimates that online gambling can ultimately become a $21 billion annual market in the U.S. Besides, its basis on the New Jersey experience, with about 30% of the U.S. getting access to online gambling.
The company projects that the online sports betting market may reach $18 billion annually in revenues. It is from the assumption that the states with 65% of the U.S population to legalize online sports betting.
DraftKings stocks were up to $2.23, or 6% at $39.11, in trading on Monday. The company has seen its shares more than double since it went public through a merger with Diamond Eagle Acquisition. Furthermore, the company values about $13 billion, making it the highest-values U.S. gambling company. Of course, it is after the Las Vegas Sands.
What to Expect for the Online Sports Betting Industry?
There are expectations that online sports betting will explode as more states are legalizing it. Besides the encouragement in part by budget woes, and younger bettors continue to favor. And the growth in online gambling is bolstered by optimism.
New Jersey reports that the total amount of online sports bets place in May was $118 million, down 63% from May 2019. Although, May revenue’s decline is better than an 83% decline in April. June and July are expected to show more improvement. It is because of PGA golf events begin and Formula One racing set to resume in July.