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.
If you wince at the grocery store checkout, you’re not alone. Wall Street Journal reporter Jesse Newman breaks down why prices are so high – and not going down anytime soon.
An inflation gauge favored by the Federal Reserve increased in January, the latest sign that the slowdown in U.S. consumer price increases is occurring unevenly from month to month. (Getty Images)
Glen Smith, CIO at GDS Wealth Management, shares how investors can allocate their assets as the market broadens and why he’s eyeing June for the first potential rate cut.
After years of price increases for cars and trucks in the United States, costs are slowing and in some cases falling, helping cool overall inflation and giving frustrated Americans more hope of finding an affordable vehicle.
Missed out on the Nvidia wave? Oh course you did — you’re reading this article aren’t you, instead of luxuriating on a white-sand beaches of Bali. But here are at least four other promising semiconductor stocks to add to your portfolio.
Fresh off a successful funding round, co-founder of Lapse Dan Silvertown shares thoughts on regulation, privacy, and why the money for great startups is still out there.
