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Sports Betting Makes Sense While Online Gambling Makes Dollars > Sports Betting Makes Sense While Online Gambling Makes Dollars Sports betting has become the shiny new toy for lawmakers across the land — and they just can’t seem to put it down. However, revenue numbers coming out of New Jersey continue to show that online gambling is actually the lucrative tax revenue source most truly desire. Put simply, sports betting makes headlines, while online gambling makes money. US states have been lining up to pass sports betting legislation since the Supreme Court gave them that right in May. However, revenue numbers for the first six weeks in the state that fought the legal battle to launch sports betting clearly show it isn’t worth as much as anyone hoped. State lawmakers are desperate to find sources of tax revenue to help balance the budget. They get sold on sports betting based on the idea the state can get a piece of the estimated $150 billion wagered annually (according to the American Gaming Association.) Unfortunately, they soon find out they can’t tax handle. So, while Americans may very well bet upwards of $150 billion on sports this year, the piece that sportsbooks keep in revenue and the tax revenue generated ends up significantly smaller. Numbers released by the New Jersey Division of Gaming Enforcement this week showed two significant things. The first is that NJ sportsbooks have taken in more than $57 million in bets since launch in mid-June.

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