New Jersey becomes first state to hit $1 billion in monthly sports bets

·1 min read

Data: Legal Sports Report; Chart: Axios Visuals

New Jersey sportsbooks took $1.01 billion in bets in September, the first time any state has eclipsed the billion-dollar mark.

The big picture: New Jersey has overtaken Nevada as the sports betting capital of America in the three years since the U.S. Supreme Court overturned PASPA, giving states the power to legalize sports betting.

Get market news worthy of your time with Axios Markets. Subscribe for free.

By the numbers: $19 billion has been wagered in the Garden State since the Supreme Court's June 2018 ruling, generating roughly $1.4 billion in revenue for sportsbooks and $169 million in tax revenue for the state.

Snapshot: Here are the top five states by sports betting handle (i.e. total amount wagered) since June 2018.

  1. New Jersey: $19B

  2. Nevada: $16.8B

  3. Pennsylvania: $8.8B

  4. Illinois: $5.9B

  5. Indiana: $4.6B

Between the lines: New Jersey has benefited from the lack of legal options in New York, with bettors traveling across state lines to place wagers. But New York's online betting market is coming, and it could rival — or even surpass — New Jersey's.

State of play: 28 states plus Washington, D.C., currently have legal sports betting markets, with four more states — Florida, Maryland, Wisconsin and Nebraska — gearing up to launch.

Go deeper: New Jersey is America's new sports betting capital

More from Axios: Sign up to get the latest market trends with Axios Markets. Subscribe for free

Our goal is to create a safe and engaging place for users to connect over interests and passions. In order to improve our community experience, we are temporarily suspending article commenting