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.
U.S. tariffs on steel and aluminum “will not go unanswered,” European Union chief Ursula von der Leyen vowed on Tuesday, adding that they will trigger toug
The Trump administration has ordered the Consumer Financial Protection Bureau to stop nearly all its work, effectively shutting down the agency that was created to protect consumers after the 2008 financial crisis and subprime mortgage-lending scandal. Russell Vought is the newly installed director of the Office of Management and Budget. Vought directed the CFPB in a Saturday night email to stop work on proposed rules, to suspend the effective dates on any rules that were finalized but not yet effective, and to stop investigative work and not begin any new investigations. The agency has been a target of conservatives since President Barack Obama created it following the 2007-2008 financial crisis.
Jeff Benedict, author of 'The Dynasty,' weighs in on the Kansas City Chiefs being the next big dynasty, who he thinks will win Super Bowl LIX and more. Watch!
