A new report suggests that states that are eager to legalize sports betting may want to proceed cautiously. ESPN reports that New Jersey, which just went through its first Super Bowl with legalized sports betting in the state, took a bath on the Big Game.
“New Jersey sportsbooks lost a net $4.5 million on the New England Patriots’ 13-3 win over the Los Angeles Rams in Super Bowl LIII, according to numbers released Monday by the Division of Gaming Enforcement,” ESPN reports. “Just under $35 million was bet on the Super Bowl at New Jersey sportsbooks, which opened for business for the first time last summer at casinos and racetracks. In their first six months operating, New Jersey books accepted more than a $1 billion in bets and won a net $72 million, but Sunday didn’t go their way.”
The report notes that the outcome was much different in Nevada, which has been in the sports gambling game for a while now.
“Nevada sportsbooks fared much better, although the amount wagered on the Super Bowl dipped in Las Vegas,” ESPN reports. “Nevada books won $10.7 million on the $145.9 million wagered on the Super Bowl, the state gaming control announced Monday. The $145.9 million bet on the Super Bowl is the second-most ever in Nevada but down nearly 8 percent from last year’s record of $158.45 million wagered on the game between the Philadelphia Eagles and Patriots.”
The report adds: “The $10.7 million win for Nevada came more from futures bets on the odds to win the Super Bowl and proposition wagers than the outcome of the game. The majority of sportsbooks — in Nevada and New Jersey — ended up rooting for the Rams to cover the 2.5-point spread. The action, however, was more lopsided on the Patriots in New Jersey than Nevada, where two of three reported seven-figure wagers were on the underdog Rams.”