Playtech Gains Sports Betting Market Approval in New Jersey

Playtech Gains Sports Betting Market Approval in New Jersey

Gambling software company Playtech recently gained entry into one of the most flourishing sports betting markets in the state of New Jersey. The company is planning to launch in the state this year.

Approval received from the Division of Gaming

The New Jersey Division of Gaming greenlighted Playtech’s entry into the state’s betting market and announced its decision on Monday. Playtech will take its first step in the market under a transactional waiver with Hard Rock Atlantic City and bet365. Playtech is also expected to launch its online casino products. It will also be working in the sports betting market. However, its entry would be dampened by the coronavirus pandemic which has shut down major sporting leagues and brought the growth of the industry to a screeching halt.

Playtech Gains Sports Betting Market Approval in New Jersey

Several land-based casinos also shut down in response to the pandemic. Only online sports betting was operations but was left scouring the world for any ongoing sports. As a result, betting on obscure events like East European table tennis and Belarusian football became common. New Jersey, which is one of the top 3 markets in the US. The state managed to report $54.6 million in sports betting handle during the pandemic in April 2020. However, it was an 82.6% drop on a yearly basis.

This goes on to show New Jersey’s sports betting appetite. The state continued to bet even when mainstream sports were not available. This is because of a robust mobile and online athletic wagering. This would be one of the most important factors that could push the NJ market as other states reel under pressure.

New Jersey market is evolving

The online poker and iGaming market is experiencing a new rise in the state. In April 2020, the state’s internet gaming was $80 million, marking a 118.6% increase year-on-year. It also marks a $15 million increase over the previous month. Even the top online poker sites in the state have witnessed a 29.5% month-on-month surge, going from $3,629,112 in March to $5,148,373.

It could also open up new opportunities for Playtech, which already a wide range of casino offerings. However, it would be its first sports betting product in the state. It will be entering the market in partnership with bet365, which has been a long-term associate of the company in various gaming markets globally.

About sherlock

Sherlock Gomes loves to write and express his views on anything related to Gaming, Gambling, & Casino. He has been covering Gaming for more than two years now.