BUSINESS & ECONOMY

Governor lays out vision for sports betting in New Jersey

BY Briana Vannozzi, Correspondent |

Gov. Phil Murphy spoke Wednesday at the largest sports betting conference and exhibition in the United States, the Betting on Sports America Conference.

Addressing hundreds of industry leaders at the Meadowlands Exposition Center, Murphy laid out his vision for wagering in New Jersey, calling it the future intellectual and technical capital for online sports bets.

Murphy signed the bill legalizing the activity last June and helped catapult the state to the second-largest sports wagering market in the country. Insiders estimate New Jersey can overtake Nevada for the number one spot as early as next year.

“Over $2 billion has been waged. We have pumped new life and brought new customers to our racetracks and casinos and our embrace of new technologies especially mobile platforms has led to nearly 75% of wagers being placed online,” Murphy said.

The governor touted the market’s success, but acknowledged revenues are still below what’s needed to support the state budget.