New Jersey is still unbeaten as the premier sports betting in the market. For October, the state shattered its previous record once more by generating $803 million. Most of the gains were recorded from online gambling and legal sports betting. And at the helm of it all, stood 2 mighty brands, DraftKings and FanDuel.
With the state’s casinos only able to run at limited capacity, FanDuel, DraftKings, and other online sportsbooks have seen the biggest gains during these unprecedented tough times. The next closest sportsbook that comes close to DraftKings or FanDuel so far is MGM Resorts International, where it occupies a distant third place in the revenue line up. MGM’s Borgata Casino has the state’s 2nd largest retail sportsbook.
Indeed, New Jersey would have no success to speak of were it not for the innovation of its online sportsbooks and online casino games. Online casinos and poker rooms have also shown great resilience during this period but DraftKings’ and FanDuel’s impressively huge margin is yet unbeaten.
In the state, FanDuel is partnered with The Meadowlands racetrack in East Rutherford. DraftKings, on the other hand, boasts Resorts Casino in Atlantic City as its partner. The only reason why these two daily fantasy companies were not able to set up operations solo was because sportsbooks in the state have always been required to partner up with a physical casino or racetrack to operate.
Currently, FanDuel is the leader as a result of its Meadowlands partnership. FanDuel also has the largest retail sportsbook in the state, which has gone a long way in upping its revenue numbers. Year to date, FanDuel has managed to generate $133.7 million in online sportsbook revenue and nearly $14.8 million in retail revenue.
DraftKings comes a close second with $70.8 million in online revenue. MGM’s Borgata may have the 2nd largest retail casino after FanDuel, but its online sportsbook is lagging in 3rd place after DraftKings.
Online gaming proves crucial during the pandemic
Online gambling in New Jersey, which consists of sports betting as well as online casino games, have been amounting to more than half the state’s total monthly revenue. Online casino gaming has proven to be invaluable during the pandemic as brick and mortar casinos continue to suffer under limited operating capacity and stricter than ever restrictions.
Online casinos have provided a much-needed cushion for operators in the city. Ever since AC’s 9 casinos closed their doors in mid-March, things have been downhill for the brick and mortar industry. Even after being in business since early July, operations are yet to bounce back as pandemic infection numbers surge.
Reduced travel and capacity restrictions have been the biggest drags on physical casino revenue. Unless things change soon, the situation is likely to persist. But with iGaming and vibrant sports betting market to boast of, the Garden State can sit pretty at the top of the country’s revenue table.
And although DraftKings’ and FanDuel’s specialty will always be daily fantasy sports, both these organizations have been expanding into other online verticals, including live dealer games. Both DraftKings and FanDuel recently entered into a partnership with Evolution as we’ve covered here, the biggest producer of live dealer casino products in the country. Both FanDuel and DraftKings understand that live casino will be a key driver for sustained online casino market progression in the country.
Live dealer games are blowing up in popularity mid-pandemic and it’s easy to see why. These games provide punters that are wary of venturing past their homes with a great alternative to physical casino play. Live dealer games rely on digital interfaces and live-streamed footage of real human dealers to give punters a real-life casino floor or table experience.
New Jersey gambling still unbeaten
New Jersey online gambling has set a precedent for other states to follow. States such as New York that are pushing for the fast-tracked legislation of iGaming and sports betting can learn a lot from New Jersey’s success.
A legalized online gambling industry is not only vital for state coffers, but also for the safety of punters everywhere. Illegal betting offshore markets have perfected the art of taking advantage of vulnerable punters.
Legalizing the industry, like New Jersey and a handful of other states have done, goes a long way in helping to squeeze out illegal operations from the market. As things stand, the Garden State has one of the safest and most secure markets available, which is just another component that will guarantee the industry’s continued success.
Plus, New Jersey also has some strict gambling measures in place to protect bettors. Licensed operators in New Jersey also commit millions upon millions of dollars each year to promote responsible betting, as well as combating problem gambling.
Every day that other states drag their feet when it comes to the legalization of online gambling is another day where FanDuel and DraftKings get to flourish. There are a lot of factors that have fueled DraftKings’ and FanDuels’ growth, but the mergers that have occurred this year have been a huge reason for success.
Thanks to mergers and sustained partnerships, both these companies have been able to build a strong foundation coupled with superior tech, customer service, and impressive marketing tactics. All these factors put together have allowed DraftKings and FanDuel to create successful retail and online sportsbooks.
Pennsylvania may be the only state where FanDuel currently runs a casino product under its own brand, but (FanDuel Online Casino) things should change soon. The only thing that isn’t going to change any time soon is the bitter competition and rivalry between FanDuel and DraftKings.
Are you a New Jersey resident interested in playing online in our state and taking advantage of the best offers? Check out our curated list of NJ casinos, NJ sportsbooks, and online bonuses. And if you are a poker player, please check our list of Best Poker Sites in New Jersey.