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)

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