Sports betting totals near $600M in New Jersey

Green is flowing in the Garden State.

Bettors in New Jersey have plunked down nearly $600 million on their favored teams since sports betting began in there a little over four months ago.

In October alone, $260 million was wagered across the Garden State, according to the state’s Division of Gaming Enforcement, which said a total $597 million has been plunked down since mid-June.

The Supreme Court in May lifted a federal ban on sports betting, paving the way for individual states to set their own rules, and New Jersey jumped on the golden opportunity for a new source of tax revenue — as nearby states including New York mulled introducing their own sports-betting laws.

This year, New Jersey has hauled in $5.5 million in taxes on bookmakers’ nearly $52 million in sports-betting revenue, according to figures from the state gaming division.

Nationally, gamblers are expected to wager $216 billion on sports matches by 2025, according to predictions by Wall Street firm Morgan Stanley.

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