NJ loves the money from online sports betting, but fears addictive consequences
Online sports betting is bringing in new revenue for New Jersey, but it is also creating concerns over gambling addiction and whether it harms the finances of Atlantic City’s casinos, which depend on in-person gamblers
TRENTON, N.J. — Online sports betting is reaping new revenue for New Jersey but also raising concerns about gambling addiction and potential harm to the finances of Atlantic City's casinos that depend on in-person gamblers, sports books and problem gambling treatment workers testified Thursday.
The state Legislature held a hearing to examine the impacts of online sports betting, where New Jersey is a national leader. Its court challenge to a ban on sports betting in all but four states resulted in a 2018 U.S. Supreme Court ruling allowing any state to offer it; 38 currently do.
The testimony alternated between praise for the industry's economic benefits and concern about its harmful potential.
“One can lose tens of thousands of dollars within minutes simply by picking up a cell phone,” said Felicia Grondin, executive director of the Council on Compulsive Gambling of New Jersey.
More than 90% of sports betting is done online in New Jersey.
But Jeremy Kudon, president of the Sports Betting Alliance, highlighted the additional money and jobs that online sports betting have brought to the state. The group consists of sports betting companies FanDuel, DraftKings, BetMGM and Fanatics, which together have 89% of New Jersey’s sports betting market.
“It's a tremendous economic success story,” he said. “Our industry employs over 4,000 people in north Jersey alone. This is bringing an economic boom to the state.”
Through the first nine months of this year, over $9.2 billion has been legally wagered on sports in New
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