In May, the Supreme Court in a 6-3 ruling reversed the Professional Amateur Sports Protection Act of 1992, which prohibited gambling on sports.
The court ruled in favor of New Jersey, so it’s no surprise the Garden State moved swiftly to cultivate legal sports gambling. Delaware still managed to be first, living up to their “First State” moniker. Most importantly, these states have avoided pitfalls along the way.
New Jersey legalized sports betting at two locations in Oceanport and Atlantic City on June 14. Another venue in Atlantic City opened up for sports betting on June 29.
The three venues have made a combined $3.5 million in profit in the first month of legal sports wagering, and that has led to $294,000 in tax revenue, according to the New Jersey Division of Gaming Enforcement.
Gaming revenue in June of this year shows a 7.6 percent increase from June of 2017.
Delaware made even more money in its first month of legal sports betting. They legalized gambling on sports on June 5, just three weeks after the Supreme Court’s ruling.
The state collected about $1 million in revenue from over $7 million wagered overall. Major League Baseball proved to be the most significant source gambling, accounting for 75 percent of bets placed.
Thanks to sports betting, Twin River Management Group, which owns two casinos in Rhode Island and one in Mississippi, signed a merger agreement with Delaware’s struggling Dover Downs casino. The merger raised Dover Downs’ stock by 50 percent, and it’s expected to increase investment in Delaware’s gambling industry.
As more tax revenue begins flowing into state coffers, New Jersey and Delaware’s bets to legalize sports betting may just be paying off.