DraftKings Makes Leeway into The New Jersey Sports Betting Market

DraftKings Makes Leeway into The New Jersey Sports Betting Market

Even as the sporting calendar remains sparse, gaming giant DraftKings is making headway into the New Jersey sports betting market. The fantasy sports leader which recently went public aims to create a firm footing into one of the most valuable gambling markets in the US.

The rise of internet casinos

So far, only the states of Pennsylvania and New Jersey permit online casinos. However, more states are expected to join this league soon. The shortage of tax revenue and a dent in state funds due to the pandemic has left the states thinking about new revenue streams. Data confirms that business is about to grow on a big scale.

DraftKings Makes Leeway into The New Jersey Sports Betting Market

Last month, the industry witnessed two important gaming events- the UFC and NASCAR. The PGA Tour is also started earlier this month which has boosted the prospects for DraftKings. However, both the sportsbooks and their clients are waiting for big-ticket events like the NBA and NHL to begin. MLB is also expected to give a big boost to the industry whenever its 2020 season starts.

Growing stronger each year

DraftKings recently became a public company on April 24. Its stock has doubled since the debut; even as sporting activity remains suspended. According to analysts, the company will be a leader in the booming iGaming and sports betting market.

The Keystone State is the right state for a company like DraftKings, given that the state brought in $1.06 million via just online slots last month. It was a $300 million jump from the previous month. Internet table game handle for the state was $778.5 million which jumped by $150 million from April. The Pennsylvania Gaming Control Board (PGCB) said that the state received $24 million in revenue in May. DraftKings already offers its products in both New Jersey and Pennsylvania- both of them being two of the largest sports betting markets in the country.

The International Journal of Mental Health and Addiction confirmed that sports bettors didn’t switching to iGaming as a replacement during the shutdown. This means that the revenue increase noted by the state was mostly because of online casinos.

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.