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New Jersey remains the country’s sporting capital, grossing nearly $743 million in betting in February, 244% more than last year and well ahead of Nevada’s second-largest.
But March may be even more vital as the National College Athletics Association’s March Madness basketball tournaments are underway, because only football outperforms basketball in the number of bets placed in New Jersey, FanDuel (owned by Flutter Entertainment (OTC: PDYPF)) and DraftKings (NASDAQ: DKNG), the two largest sports in the state, can make an unexpected profit , while New Jersey potentially becomes the first state to spend $1 billion in sports in a month without getting married.
The secret to the phenomenal expansion of New Jersey and the dominance of FanDuel and DraftKings has been the adoption by the state of online betting, which has allowed players to bet smoothly where and how they want, adding from neighboring states, as the requirement is necessarily to provide in the state to place a bet.
NCAA tournaments, however, may be New Jersey’s last hurrah. Pennsylvania’s competition is expanding and New York is contemplating a law that would allow cell distribution. If approved, you can deflect a significant portion of New Jersey’s winnings, as approximately 25% of the state’s earnings come from New York players. Again, New Jersey may simply rise to Benjamin Franklin’s complaint that the state is a barrel operated at both ends.
Investors in DraftKings or Flutter Entertainment have no such concerns and will be the leaders in sports regardless of where the bets come from.
DraftKings, which partnered with Resorts Casino, generated combined retail and online profits of $7. 9 million in February and $23. 5 million to date, making it a more productive FanDuel at the time, related to Meadowlands Racecourse, a few miles from New York.
Racetrack retail sports generated $2. 3 million in earnings in February and $7. 3 million since the beginning of the year, but also generated $24 million in online earnings last month, or $66. 7 million since the beginning of the year, basically from the FanDuel app.
Because this year’s March Madness games have been the most played, bettors would probably be more attuned than ever, as enthusiasts were quite hungry for sports during the pandemic.
Data from Conviva’s corporate video analytics shows that more than 1 billion minutes were broadcast in 32 games in just two days, with television largely surpassing computer viewing, from 68% to 18% (the Roku platform also far outperfied Amazon’s Fire TV. com). as a like display option, from 40% to 26%).
Dustin Gouker, senior analyst at the PlayNJ. com commercial site, says that while MGM Resorts’ BetMGM app is growing, he has a long way to go to close the gap with industry leaders: “FanDuel and DraftKings have ruled the market since its launch, and there hasn’t been a major replacement in this dynamic since 2018. “
March Madness is “the biggest sports betting party of the year,” according to PlayNJ’s Eric Ramsey, “and in New Jersey, basketball generally tends to attract a lot of action. In other words, New Jersey may be the first in the country. generate more than $1 billion in sports betting in a month without getting married. “
This puts the state’s most important sports in a short-term press to generate the most productive returns this month through this effort, turning them into championship titles to invest in.