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Sports betting explodes in New Jersey

Published 10/13/2018, 11:04 AM
© Reuters.  Sports betting explodes in New Jersey
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  • The New Jersey Division of Gaming Enforcement reports the sports betting market in New Jersey brought in $184M in wagers during September to almost double the $96M in wagers during August and easily quadruple the $41M raked in during July.
  • Online and mobile wagering accounted for $104M of the tally.
  • Sports betting operators held $24M of the $184M bet during the month. For sporting events completed, the best win percentages were for football (10.2%) and parlay bets (13.7%), while operators took a loss on basketball (-1.4%).
  • "Consumer response continued to exceed our expectations in September,” said a FanDuel exec on the development.
  • The huge month for New Jersey sports betting could add some pressure in nearby states for lawmakers to accelerate their own sports betting legislation, which in turn could impact casinos in those states.
  • Related stocks: MGM, OTCPK:WIMHY, DRAFT, OTCPK:WIMHF, CZR, SGMS, DUEL, OTCPK:EIHDF, NYNY, WYNN, PENN, BYD.
  • Now read: Stocks To Watch: Was That A Speed Bump?


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