Despite NY Competition, NJ Sports Betting Shows Growth
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00:00 (upbeat music)
00:02 - Let's end, Jim, on a good note
00:05 with the state of New Jersey, October numbers.
00:09 I mean, across the board, it does seem like
00:11 doing very well and very, (laughs)
00:14 I mean, it's like a broken record here.
00:16 Three different states, three different stories,
00:18 but they're all the same.
00:19 New Jersey also with a growth and handle in October.
00:21 - Yeah, and again, it's continuing this nationwide trend
00:28 that we're seeing.
00:31 September, October records in handle and revenue.
00:36 And in New Jersey, it's the fourth straight month
00:40 of year over year handle gains there.
00:44 And why is this interesting?
00:46 Well, because at the same time that New Jersey
00:48 is experiencing this positive trend, this growth,
00:52 New York, as we know, continues to grow itself.
00:57 October handle in New York was over $2 billion.
01:01 So we saw when the New York market came online
01:06 that it did chip into New Jersey's business.
01:11 So it's interesting now to see a handful of months
01:14 being strung together for the New Jersey sportsbooks
01:18 where they're increasing that handle,
01:21 they're increasing revenue.
01:23 At the same time, their neighbor in New York
01:26 is growing as well.
01:27 So I think it suggests to me and the rest of the industry
01:31 that after a handful of months of seeing their business
01:36 kind of dip, New Jersey has regained its footing here
01:39 and has started to show some nice gains here
01:43 over the last couple of months.
01:46 Revenue, a big increase in New Jersey in October
01:51 and through the year, the first 10 months,
01:54 revenue is up for New Jersey sportsbooks by 35%.
01:59 FanDuel had a nice month.
02:00 And as you know, Craig, in New Jersey,
02:03 there's a couple of sportsbooks
02:05 that are all tied to a single license.
02:07 So FanDuel is part of a group of a couple of others,
02:11 though, of course, they're the headliner there.
02:15 So that group pulled in $60.2 million in October revenue,
02:22 which was a nice little boost from September.
02:26 DraftKings, headliner of their little trio
02:30 of sports betting apps there in New Jersey,
02:34 they saw revenue actually dip quite a bit,
02:37 $15.3 million in October,
02:41 down from just shy of 50 million in September.
02:44 So a little bit of a back and forth there
02:46 between those two in New Jersey.
02:49 But again, overall, that trend that we've been talking about
02:52 for the last couple of weeks,
02:54 where we're seeing increase in handle,
02:57 increase in revenue pretty much across the board in October,
03:01 largely driven by the return of football betting here.
03:05 But it's certainly continuing across a handful of markets
03:09 across the US.
03:11 (upbeat music)
03:13 (upbeat music)