After Huge November, New Jersey on Track to Become New Sports Betting Mecca
*By Michael Teich*
New Jersey is on track to overtake Las Vegas as the new sports betting mecca, Darren Rovell, senior executive producer at The Action Network, told Cheddar in an interview Friday.
With fewer than 7 months of sports betting on its books, New Jersey is expected to hit $1.2 billion to $1.3 billion in bets by the end of the year, Rovell said.
"As a comparison, Nevada is $4.7 billion," he added. "I think New Jersey and Pennsylvania will pass Nevada by 2022."
Bettors in the Garden State have been piling on the wagers. New Jersey just closed out its best month ever, attracting $330.7 million in bets during the month of November.
Mobile betting has been a key driving force in the growth of sports betting. Since June, 58 percent of dollars bet in New Jersey have been made digitally, and the number is climbing higher.
"Seventy-two percent of New Jersey money in November was on mobile, which is a better margin than a retail sportsbook," Rovell said.
DraftKings' early embrace of mobile betting put the daily fantasy sports app in a position to capture significant market share against rivals such as William Hill and FanDuel, Rovell said. The company brought in $7.1 million in gross revenue for New Jersey in November,.
"They have a real database of people who are daily fantasy players or as close to gamblers as you want, and it's active," he added.
The U.S. Supreme Court gave states the green light in May 2018 to legalize sports betting on individual events. Prior to the decision, Nevada was the only state where it was legal. Now, eight states have full-scale legalized sports betting: Nevada, New Mexico, Delaware, New Jersey, Mississippi, West Virginia, Pennsylvania, and Rhode Island.
The Trump administration has agreed to resume processing student debt cancellations under two key income-driven repayment plans it had previously limited.
Millions of protesters flooded cities nationwide on Saturday for “No Kings” demonstrations denouncing what they call President Donald Trump’s authoritarian turn
Cynthia Chen, CEO of Kikoff, shares how their membership app helps users build credit with zero fees, no interest, and smart tools that make every point count.
OpenAI has announced that ChatGPT will soon engage in "erotica for verified adults." CEO Sam Altman says the company aims to allow more user freedom for adults while setting limits for teens. OpenAI isn't the first to explore sexualized AI, but previous attempts have faced legal and societal challenges. Altman believes OpenAI isn't the "moral police" and wants to differentiate content similar to how Hollywood differentiates R-rated movies. This move could help OpenAI, which is losing money, turn a profit. However, experts express concerns about the impact on real-world relationships and the potential for misuse.
CNN is launching a new “All Access” streaming subscription in the U.S. on October 28th, priced at $6.99 a month, or just $69.99 if you sign up for a full year.