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Market Madness: New Jersey Gambling Is a Lucrative Business

Gambling, JP Morgan and tech stocks.

Before you head home and start to celebrate the weekend, check out our closer.

New Jersey Betting

New Jersey residents placed bets totaling $16.4 million from June 14-30 as the state opened up sports betting operations following the Supreme Court ruling that overturned a previous law barring states from legalizing sports gambling.

The sports books were able to hold $3.5 million, the amount the house keeps of the amount wagers, while the state of New Jersey was able to generate $300,000 in taxes from the wagers.

For comparison, Nevada has averaged a hold percentage of 5.5% since 1992.

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