Sports betting is huge in New Jersey; New York could follow soon

THE MEADOWLANDS, N.J. (FOX 5 NY) - Since New Jersey legalized gambling on sports in June 2018, the state's sportsbooks have collected almost $1.25 billion in bets and $94 million in gross revenue. And New Yorkers are playing a huge part in New Jersey's success.

"I think we're going to see New York and a lot of other states come into the fold pretty soon, within the next year or two," Eric Fisher, a writer for SportsBusiness Journal, told Fox 5. "The early success of states like New Jersey is indicative of what we can expect to see."

The experience and influx of tax revenue isn't the only thing New Yorkers are missing out on. A rep for FanDuel estimates nearly 200 people were hired to run its sportsbook at the Meadowlands Racetrack.

"We are continually surprised by the amount of support we're getting from upstate New Jersey and from New York," FanDuel's Jeff Lowitch said. "Every weekend over the summer and the fall has been really impressive."

"Obviously we have a tremendous opportunity because we have a monopoly, we have all of the region to ourselves right now," Meadowlands Racetrack owner Jeff Gural said. "There's 14 million people that live within 20 miles of the place."

Legislation for full-scale sports gambling in New York failed last year but could be reintroduced in 2019. The hold-up for New York is all about money and where it will go, Fisher said. But once lawmakers figure that out, the state can reclaim its piece of the pie.

"It's going to be huge—you're talking obviously about one of the most populous states in the entire country, the No. 1 city in the entire country," Fisher said. "So this is a huge population base, a rapid sports following."