Video Summary

Dozens of ads for DraftKings plastered Hoboken's transit hub are a clear sign of the growing popularity of sports betting in New Jersey. One of the main reasons for this is the proximity to New York, where it's currently illegal. As a result, many New Yorkers are crossing the border to take advantage of legal sports betting in New Jersey. In 2019, the state brought in over $4 billion in revenue from sports gaming alone.

This influx of cash has been a huge benefit for the state, with every dollar wagered being taxed. According to Donald Hoover, a professor of tourism management, the cash cow coming from New York may not last forever. With New York considering legalizing online sports betting, it's only a matter of time before they too start reaping the benefits. In fact, experts estimate that online sports betting could be legal in New York as early as next year. Pennsylvania, located just across the border from New Jersey, has seen a significant increase in sports betting revenue since it became legal, with some months seeing more than double the revenue.