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Gambling in the USA

New Jersey Sports Betting Shows February Strength, According to PlayNJ.com Analysts

George Miller

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New Jersey Sports Betting Shows February Strength, According to PlayNJ.com Analysts
Photo Source: app.com
Reading Time: 2 minutes

 

New Jersey’s sportsbooks took in more than $320 million in February bets, generating strong monthly revenue despite a short month and a predictable post-Super Bowl lull. In all, New Jersey’s online and retail sportsbooks netted $12.7 million in revenue on $320.4 million in sports bets, down 16.8 percent from a record $385.3 million wagered in January.

The February handle works out to $46 per adult resident of New Jersey, significantly larger than any other legal sports jurisdiction, other than Nevada.

“Because of the strength of New Jersey’s online product, in-play betting during the Super Bowl was significantly stronger in New Jersey than in other legal markets,” said Dustin Gouker, lead sports betting analyst for PlayNJ.com. “In addition, New Jersey’s sportsbooks saw significant action on other sports, particularly on college basketball and the NBA. It adds up to another very good month for New Jersey even after a somewhat disappointing Super Bowl handle.”

New Jersey’s online sportsbook brands accounted for $258.9 million, or 80.8 percent, of total bets in January, according to official reporting. The state’s retail sportsbooks made up the remaining 20.2 percent. That compares to 79.2 percent of total bets flowing through online sportsbooks in January.

New Jersey’s sports betting market is less driven by major events than in Nevada, and February’s numbers bear that out,” Gouker said. “The market’s consistency will eventually help New Jersey overtake Nevada as the largest legal sports betting market in the U.S., which is now more a question of when rather than if.”

FanDuel Sportsbook/Pointsbet overtook DraftKings Sportsbook as the state’s dominant online sportsbook with $6.6 million in February gross revenue, up from $5.9 million in January. DraftKings Sportsbook fueled Resorts’ $3.7 million in February online gross revenue, down 46 percent from $6.9 million in January.

FanDuel Sportsbook at The Meadowlands continues to dominate the retail market, posting $1.5 million in February gross revenue, up from $1.2 million in January. FanDuel was followed by Resorts AC’s $142,846.

“DraftKings and FanDuel show few signs of relinquishing their top spots,” Gouker said. “But with football now over, it will be interesting to see if a change in focus to college basketball and Major League Baseball alters the dynamic in the coming months.”

LEGAL ONLINE CASINOS

A month after crossing the $30 million threshold for monthly revenue for the first time, legal online gambling generated $31.8 million in February, up 44 percent from $21.99 million in February 2018. Though monthly revenue was down from a record $33.6 million in January, the industry generated $1.1 million per day in the 28 days of February, even with the 31 days in January.

New Jersey’s online casinos are among the biggest beneficiaries of legalized sports betting,” said Steve Ruddock, lead online gambling analyst for PlayNJ.com. “Online casino revenue has grown by at least 25 percent in seven of the eight months since online sportsbooks made their first appearance in the Garden State. It would not be surprising if the industry hits $40 million in monthly revenue at some point before 2019 has ended.”

 

About the PlayUSA.com Network:
The PlayUSA.com Network and its state-focused branches (including PlayNJ.com and PlayPennsylvania.com) is a leading source for news, analysis, and research related to the market for regulated online gaming in the U.S.

 

Source: PlayNJ.com

George Miller started his career in content marketing and has started working as an Editor/Content Manager for our company in 2016. George has acquired many experiences when it comes to interviews and newsworthy content becoming Head of Content in 2017. He is responsible for the news being shared on multiple websites that are part of the European Gaming Media Network.

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Gambling in the USA

MGM Ends the Talks to Buy Encore Boston Harbor Casino Resort

Niji Narayan

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MGM Ends the Talks to Buy Encore Boston Harbor Casino Resort
Photo Source: travelandleisure.com
Reading Time: 1 minute

 

MGM has ended the talks with Wynn Resort to buy the Encore Boston Harbor Casino. The nearly finished property and Wynn Resorts as a whole were roped in a scandal of massive proportions that stemmed from multiple sexual misconduct allegations leveled against the casino operator’s ex-boss and founder Steve Wynn.

MGM said in a statement that they “have noted the anxiety raised by various stakeholders regarding a transaction” and that they think “the best course of action is to discontinue discussions” concerning the opportunity to buy Encore Boston Harbor. The statement further read that the company wishes to have “a positive impact on communities in which we operate.”

Wynn Resorts said in a statement that it has agreed to cease discussions with MGM “after careful consideration.” The company added that it is committed to opening and running the 671-room hotel and casino resort located along the Mystic River in Everett.

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Gambling in the USA

Tennessee Advances in Sports Betting Legalisation

Niji Narayan

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Tennessee Advances in Sports Betting Legalisation
Photo Source: knoxnews.com
Reading Time: 1 minute

 

Tennessee has moved forward and reached near the sports betting legalisation. Governor Bill Lee is expected to allow Bill H1 this coming weekend, without his signature.

Policy makers are already anticipating a generous flow of new revenue into the state. Projections for gaming revenue from sports wagering hover around the $254m mark. They are based on a prediction that the state’s population of adults and 3.5 million tourists will generate an average of $30 per head in gross gaming revenue.

Tennessee will be unique among states that allow sports wagering where there will be no terrestrial offer open to bettors. The Bill legislates solely for online and mobile gambling and market entrants will be required to sign up to commercial agreements with the sports leagues in order to gain access to official data, use of which will be mandatory.

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Daily Fantasy Sports

Walt Disney Acquires Stake in DraftKings

Niji Narayan

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Walt Disney Acquires Stake in DraftKings
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Walt Disney Company has secured a stake in DraftKings, daily fantasy sports-turned-sportsbook, as part of its acquisition of 21st Century Fox.

Disney secured the stake as part of its $71.3 billion purchase of the film and entertainment business. The revelations come just a few weeks after Disney CEO Bob Iger said Disney doesn’t “intend to go into the gambling business.”

“We’ve already done some things that we would integrate it into our programming, but not to the extent that we would be facilitating gambling as an entity. In other words, we’ll provide programming that will, I guess, be designed to enlighten people who are betting on sports. But that’s as far as we would go,” Iger said on a conference.

Disney also intends to use the studio to have a presence at sports betting events that are hosted in Las Vegas. NHL’s Golden Knights and the NFL’s Raiders will move to a stadium just off the Las Vegas Strip in 2020. On the call with analysts, Iger pointed to NFL Sunday Ticket and said there has been “some exploration as to whether there was an opportunity there.”

“I think we all believe that there are opportunities to strengthen our relationship with them,” Iger said.

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