New Jersey now has legal sports betting, thanks to a new law by governor Phil Murphy in June 2018. The first legal wagers were placed just three days it was signed. With New Jersey sport betting now in effect it should come as no surprise that mixed martial arts fans who dabble in the gamble, will take full advantage of this new opportunity.
According to a report from Forbes, “online sports bets accounted for just over a third of New Jersey’s total sports betting revenue in August. That’s with only three brands (DraftKings, playMGM, and SugarHouse) in the market for only part of the month with limited products and deposit options.”
New Jersey’s sportsbooks made $9.2 million of gross revenue in August. Think about that number for just a minute. Nearly $10 million in one month. Sports betting is here to stay.
The reports continues to state that “DraftKings led all New Jersey online sportsbooks in August with $2.9 million in total revenue. The company was the first online sportsbook in the New Jersey market following a soft launch on Aug. 1 and full launch on Aug. 6.”
In international sports betting, online is king, accounting for two-thirds or more of total activity in most regulated markets.
New Jersey’s sports betting market allows a significant number of brands to compete there. Key licenses to operate online sports betting are restricted to the state’s land-based casinos and racetracks. Each key license holder is allowed to run up to three unique sports betting brands online and may partner with external brands.
This allows a company like DraftKings, which doesn’t operate a casino or racetrack in the Garden State, to offer online sports betting in the state. The company is partnered with land-based casino Resorts Atlantic City.
If you are looking to take advantage of this new craze, try live betting at 888 Sport New Jersey, for your first experience.
Not sure when to give it a go?
Why not this coming weekend? Featherweight fighter Yair Rodriguez has stepped in on short notice to headline the UFC Fight Night 139 card against ‘The Korean Zombie’ Chan Sung Jung. Who doesn’t like the odds of a short notice opportunity like that?
Here’s how sports betting works.
Let’s pretend the UFC Fight Night 139 main event’s betting lines are: Chan Sung Jung (-180) and Yair Rodriguez (+150)
Negative odds (e.g. -180): The number indicates how much you would have to bet to win $100.
Positive odds (e.g. +150): The number indicates what you will win per $100 placed.
Using the above example again: Say this were the actual betting line for the UFC fight this weekend, you would have to place $180 on Chan Sung Jung to win $100 profit, whereas $100 placed on Rodriguez wins you $150 profit.