What You Need to Know About the Economic Impact of Sports Betting in New Jersey
Are you a gambling fan in the United States? If so, you’re bound to have seen the recent discourse surrounding online betting legalization in America. Countless politicians, gambling powerhouses and economic experts have weighed in on the matter, with plenty of people arguing for the legalization and many people fervently disagreeing with it.
One of the most recent wins for the gambling industry was the legalization of sports betting in the Garden State, New Jersey. This monumental legal movement was received gleefully by gamblers and gamers across the state and has raised a lot of discussions online.
Something that many people have brought up in regards to sports betting in New Jersey is the economic impact. Will this have benefitted or ruined the economy in the state? That’s what we’re going to be taking a look at today.
It’s important to note before we get started that we are not financial or economical experts- we’re just gambling fans with a passion for the subject at hand.
When was sports betting legalized in New Jersey?
To start off with, when was sports betting actually legalized in New Jersey?
The motion passed for sports betting to be legalized, back in June of 2018. As NJGamblingFun notes, Gov. Phillip Murphy signed the bill and brought sports betting into the Garden State. This brought in a new era for the world of gambling and gaming in the States.
Important things to know about sports betting in general
Before we get onto the positive and negative aspects of sports betting, let’s take a quick look at some important things to know about this type of gambling.
One thing to note about sports betting is that there are tons of types of sports betting games and endeavors to enjoy. There are in-person games, like betting in select casinos or at horse racing tracks. There are also plenty of sports betting mobile games, online casinos and fantasy sports options too- ranging from fantasy football to fantasy eSports.
Something else that’s important to know about sports betting is that it’s very heavy on advertising. If you use public transport from New Jersey or New York, you’re bound to see adverts for local sport betting companies- they’re very, very popular.
A final key thing to be aware of with sports betting and gaming is that it comes with the same positive effects of regular gambling (like fun and opportunity to win), but also comes with the same negative effects that regular gambling has (like the risk of losing money or addiction). We’ll be looking at these points in-depth in just a moment.
What are the positive aspects of legalized sports betting?
There are a mass of benefits for the state of New Jersey to enjoy now that sports betting has been legalized and fully put down roots. It has truly had a great impact on the economy and created a lot more opportunities for the locals.
One of the main benefits of the legalization of sports betting is that it has created a wealth of jobs, which is incredibly beneficial for the local economy. There have been jobs created online and in person, doing a number of different roles.
As USA Today notes, Assemblyman Ralph Caputo (D-Essex) and chairman of the gaming and tourism committee stated his excitement about the legalization and gave a nod to the number of jobs that this event would bring into New Jersey. Generally speaking, it seems that a lot of politicians and key figures in the state are excited about the prosperity that gambling will bring.
Another positive aspect of legalizing sports betting is that it means sports betting can be more regulated and monitored. This is fantastic for protecting customers, and for preventing any fraudulent websites or companies being created. Unfortunately, the gambling world is host to some fraudsters- but the legalization means that customers are better protected.
This, in turn, will increase the number of people betting, which will help to bring in more revenue for the gambling world. According to Statista, the amount of money that the gambling industry generates for the American economy as a whole is roughly $79.42 billion. That’s immense.
Overall, the introduction of legal sports betting has increased jobs and employment rates, reduced fraudulent websites, and has boosted the economy in New Jersey as a whole.
Are there negative sides to sports betting being legalized in New Jersey?
Of course, it wouldn’t be a fair article if we didn’t consider any possible negatives of sports betting being legalized. Legal sports betting generally a very positive practice, but any responsible gambler should be aware of any possible negative aspects.
The rise in popularity of sports betting due to the legalization may lead more people down the path of being addicted to gambling. This is only hypothetical of course, but anyone who’s been on public transport in New Jersey and New York will know how aggressive the marketing campaigns can be for sports betting companies.
This is why it’s so important for gambling companies and gaming providers to support their customers with any possible addictions or bad habits. Fortunately, with the legalization, it’s likely that more people will be supporting addicts and compulsive gamblers as time goes on.
As you can see, it’s generally been incredibly positive for the economy in New Jersey to have sports betting legalized. The impact of the new jobs and earning opportunities has been very positive for local fans, and the amount of money that has been generated by people playing these games is absolutely immense to consider.
It is important to consider the ramifications of sports betting and the rise in popularity of gambling as a whole. Gambling companies and online gaming companies arguably have a duty of care to help their customers manage their gambling habits and to promote helpful, healthy ways to monitor how much money they’re spending.
New Jersey is a fantastic hub for gambling, whether you’re looking for online gambling, sports betting or casino adventures. Whether you’re a gambling novice or a seasoned pro, you’re bound to have a great time gaming in the Garden State.