New Jersey kicks off its entry into the sports betting market Thurday, but the question of just how much money it will bring into the Garden State—and into state coffers—is still a subject up for debate.
As a story in the Asbury Park Press notes, estimates of the state’s legal sports betting market range from $400 billion to less than $150 billion.
And that $150 billion might be wildly optimistic, according to a Boston College professor quoted in the report, who warns New Jersey to expect a lot less.
Professor Richard McGowan estimates the state’s sports betting market to be around $1.3 billion annually. Monmouth Park, which is likely to be the first venue in the state offering sports betting, can expect revenues of around $17 million, which it will have to split with its partner, the Asbury Park Press reports.
McGowan, however, also notes that the real money to be made is when the state offers online sports betting, McGowan said, noting that about 70 percent of all money bet online goes toward sports betting, the report said.
Quote of the Day: “If you’re a private business, you would never—you would fire people if they did business that way. ‘Here it is, our grand opening, and we’re not open.'” — Radio host Mike Francesa, criticizing a state press release that says while betting will start at some sites Thursday, not all sites will be ready and online betting won’t start for 30 days.
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