New York Jets search for a sponsor from gambling industry

In an obvious sign of the growing popularity of the newly legalized sports betting in the country,  New York Jets, the NFL team from the New York Metropolitan Area, has started looking for a team sponsor from the betting industry. The team sponsorship is worth about $750,000 to $1 million for a year.

The NFL has already started to allow casino advertising at its stadiums. The Dallas Cowboys, another NFL team, has signed a first-of-its-kind partnership with WinStar World Casino of Oklahoma.

Only four months after the Supreme Court legalized sports betting, no fewer than eight New Jersey racetracks and casinos are expected to be up and running with in-person sports books by the time the 1 p.m. games kick off, and six will offer online sports betting for people in the Garden State.

Monmouth Park and Caesars Entertainment received final approval Friday from the New Jersey Division of Gaming Enforcement to take online bets.

The Hard Rock Hotel & Casino and Tropicana Atlantic City are still working on getting licensed and may be able to take bets in the near future, a source said.

The New Jersey law allows only racetracks and casinos to be able to offer sports betting. Both FanDuel And DraftKings have affiliations allowing them to offer online wagering to those in the state. The Meadowlands, while DraftKings has aligned with Resorts Casino Hotel.

Projections are that the Garden State will surpass Nevada in sports wagering revenue by 2021, according to Chris Grove, managing director at gaming analyst Eilers & Krejcik.

By that year, New Jersey sports books will be taking in $3.4 billion in sporting wagering revenue, with profits estimated at $442 million, according to Grove.

The $3.4 billion is roughly the same as the money that is presently bet on New Jersey state lottery tickets.

“In Nevada, about half of the total handle in the local’s market is bet through mobile devices,” Grove said. “We expect New Jersey to fall around a similar number.”

New Jersey taxes are 9.75 percent on brick-and-mortar bet profits, and 14.25 percent for online wagers.

New Jersey is the state with the largest population taking sports bets this football season. Next season, Connecticut, Oregon and Pennsylvania may be ready for action.

New York may not go live, at least for internet sports betting, until 2021, Grove said.

Source: nypost.com