In a continued expansion of their successful nationwide partnership, Boyd Gaming Corporation and FanDuel Group today announced the debut of the FanDuel Par-A-Dice Sportsbook in the state of Illinois.
Sports bettors across the state of Illinois now have access to FanDuel’s industry-leading online and mobile sports-betting platform, with wagering options available in professional football, basketball, baseball, hockey and more. Additionally, FanDuel will operate a retail sportsbook located at Boyd Gaming’s Par-A-Dice Casino in East Peoria, Illinois, pending regulatory approval.
Keith Smith, President and Chief Executive Officer of Boyd Gaming, said: “Given the tremendous success of our existing FanDuel Sportsbooks, we are confident that the FanDuel Par-A-Dice Sportsbook will quickly become Illinois sports bettors’ mobile app of choice. We are excited for the opportunity to offer both mobile and retail sports betting in one of the most populous states in the country, as we continue to expand our strategic partnership with FanDuel Group.”
“Sports are back and FanDuel, America’s No. 1 sportsbook, is coming to Illinois with our friends at Boyd Gaming and the Par-A-Dice Casino,” said Matt King, Chief Executive Officer of FanDuel Group. “Boyd Gaming and the Par-A-Dice are perfect partners for us to bring our innovative sports-betting app and retail sportsbook experience to sports fans in Illinois.”
Since launching their partnership in mid-2018, Boyd Gaming and FanDuel have introduced mobile sports-betting apps in Indiana and Pennsylvania, as well as retail FanDuel Sportsbooks at eight Boyd Gaming properties in five states. The FanDuel Sportsbook has an online leadership position in Pennsylvania, and is one of the top retail sportsbooks in Iowa at Diamond Jo Worth.
The partnership between Boyd Gaming and FanDuel Group includes collaborative efforts between the two companies in mobile and online sports betting and casino games, where permitted by law. The agreement includes states where Boyd Gaming holds gaming licenses, excluding Nevada, as well as additional states covered under Boyd Gaming’s current market-access agreements. Boyd Gaming currently has access in 15 states nationwide, representing more than 36% of the U.S. population.
In addition to their retail and online sports-betting partnership, Boyd Gaming and FanDuel also operate an online casino in the state of Pennsylvania. The companies are also engaged in extensive co-branding and cross-promotional efforts, as the two companies actively market each other’s properties and products to their respective customer bases nationwide.
The following is about legalized sports betting and its future in the US, by BonusSeeker.com’s Brian Sausa.
It has been over two years since the legalization of sports betting in the United States and in that time, the industry has quickly entered the mainstream and begun an expansion that is seemingly boundless. In total, 22 states (plus Washington D.C.) have legalized wagering on sporting events in some form or another and now, that revenue will come in handy.
Across the U.S., states are enduring financial hardship due to the response effort required to battle the COVID-19 pandemic. The approach that some states have taken toward the legalization of sports betting has enabled the industry to be a vehicle toward financial recovery during trying times.
But while some states have done all they can to help open up revenue streams and bring in tax dollars, others aren’t maximizing the revenue potential of the industry.
Of the nearly two-dozen states with legislation enacted, only six offer full mobile (or online) sports betting, which allows players to wager from any geographic location inside state lines. The rest have partial online betting or physical-only wagering, which forces players to be present in a casino in order to wager and generally leads to far less revenue and tax dollars.
Whatever the reason for not including online wagering via mobile devices, the states are missing out on additional sources of tax income. And any states that choose to stay out of the industry entirely or legalize betting without the mobile component will be doing the same thing.
Mobile Sports Betting Advantages
Whether you look at it from the point of view of the bettor or a state looking to generate revenue from the industry, it doesn’t take much detective work to uncover the benefits of online sports betting for all parties. Of the 22 states with legislation in place, the following six have full online sports betting:
New Jersey Pennsylvania Colorado Indiana West Virginia New Hampshire Simply put, the above states are able to offer a few things that the rest cannot, and it’s led to substantial taxes being raised via sports betting revenue.
In comparison to the seven states with only physical sportsbooks, the operations running in states which allow mobile betting are unsurprisingly reaping more monetary benefits. There are several pros to allowing folks to wager from anywhere, but here are the three key benefits:
Convenience
Online sports betting is by far, the most convenient way to wager. This means bettors can place wagers from any location of their choosing whether in the comfort of their own home, out at the supermarket, or anywhere else.
As long as you are physically located inside the state, which is verified by the sportsbook’s geolocation feature, you’re eligible to bet. There’s absolutely no contest between being able to bet from anywhere and being forced to drive all the way to a brick-and-mortar casino and line up at the window just to place a wager. It also saves bettors some money right off the bet by removing travel costs.
Live Betting
The growth of mobile betting has paved the way for new ways to wager, including live betting. Previously, bettors could only get action before a game, or possible at intermissions such as the end of quarters or halves.
Thanks to live betting, constantly-adjusting lines are available to wager on throughout the length of an entire game. The ease with which players can wager on live odds via mobile is unmatched, making this another feature of online betting that cannot be replicated by a land-based venue.
More Betting Options
In addition to live betting, the emergence of online sports gambling has led to an explosion in the number of markets offered across a wide range of sports. Bet types such as props and futures have catapulted into an entirely new stratosphere in terms of both quantity and specificity, providing options for every kind of bettor.
The usage of online sports betting apps is also a boon for the players themselves, who are given the option of shopping around for a specific market or the most advantageous line possible.
All of the above factors add up to make online sports betting with mobile devices a much more lucrative way to do things for states hoping to add revenue. But rather than taking it from us, let’s allow the numbers to do the talking.
New York vs. New Jersey – The Case For Mobile Sports Betting
If you’re wondering about the difference between a state which has full mobile sports betting and one that doesn’t, look no further than the tri-state area.
New York and New Jersey are not only neighboring states with nearly equal populations. A comparison between the two also serves as the perfect example of just how lucrative online betting can be to the areas which allow it, and what the states without it are missing out on.
New Jersey Thriving With Online Sports Betting
New Jersey online sports betting first launched live during June 2018, shortly following the federal repeal of PASPA, which gave states the ability to decide for themselves whether to allow legal wagering on sports.
In the time since then, the Garden State has emerged as the blueprint for states looking for healthy revenue creation via sports betting.
In its first few months since going live, New Jersey closed 2018 by generating nearly $54 million in revenue. Now compare those numbers with New York, a state in dire need of revenue streams. Empire State sportsbooks began taking wagers almost exactly one year later in July 2019 and in the six months which closed 2019, New York produced just under $7 million in revenue.
Now let’s look at the first full year of mobile sports betting in the Garden State was 2019, and this is where the gap between the two widens by an almost laughable margin. New Jersey saw nearly $4.6 billion in sports wagers, which resulted in around $300 million in total revenue.
Once factoring in taxes, $36 million went straight to the state and local governments to help with addiction issues, educational programs, and job creation. Keep in mind that nearly 90 percent of the state’s wagers are placed online.
It’s bad enough that New York only has in-person sports wagering, but it adds insult to injury that the simplicity of the mobile component actually has the Empire State losing out on the potential for revenue from its own residents.
Nobody knows this better than state Senator Joseph Addabbo, who is the author of the legislation to legalize mobile wagering in the state and chairman of the New York Racing, Gaming and Wagering Committee.
“People look for convenience. They look for what’s safe for them, what’s legal, but they look for convenience…they go across the border to [New] Jersey because it’s simple,” Addabbo told BonusSeeker.com’s Brian Sausa. “That’s why Jersey took $837 million of our money last year. Because it’s easy.”
What Addabbo is referring to is a study conducted by Eilers & Krejcik Gaming, which estimated that New Yorkers accounted for over $837 million of the sports wagering handle in New Jersey. That means operators in the Garden State earned almost $60 million while the state pulled in about $6 million in tax revenue from New York residents alone.
The study also estimated that New York, which is on its way to being $13 billion in debt, is missing out on over $200 million per year by leaving online sports betting off the table.
Revenue Says Online Is The Future Of Sports Betting
It should come as no surprise that when looking at places with the most sports betting revenue generated, most of the states littering the top of the list are ones with online wagering as part of the equation.
Even Nevada, the state most synonymous with land-based gambling, has partial sports betting. The Silver State pulled in a massive $5.3 billion handle from sports betting in 2019 with revenues nearing $330, although there’s no way of knowing just how much came from online since the state doesn’t release breakdowns.
The point remains that if a state making hand-over-fist cash at brick-and-mortar casinos can still see value in the inclusion of mobile sports betting, what is everyone else waiting for?
Due to Nevada’s intertwinement with the industry and it only having partial online betting, there are better models to look at. As mentioned, New Jersey has become the poster child for what a sports betting launch is supposed to look like.
The Garden State’s total earnings are second only to Nevada, and New Jersey even became the first state to take in a higher betting handle in the Silver State during May 2019. In the first two months of 2020 (prior to COVID-19), New Jersey pulled in over $60 million in total sports betting revenue to just barely out-earn Nevada.
While New Jersey is a difficult target to aim at, several states have copied the blueprint and as a result, seen positive results thanks to online wagering.
Pennsylvania
Pennsylvania is largely regarded as third behind Nevada and New Jersey. Its extremely high 36 percent tax rate has resulted in a huge boon for the state, even if one could argue it has limited the number of operators to launch. Even still, the state saw a $3.4 billion handle and $84 million in revenue, although mobile betting didn’t launch until the summer of 2019.
For a clearer picture, let’s look at some 2020 Keystone State sports betting revenue numbers according to the Pennsylvania Gaming Control Board. In January, online wagering brought in a handle over $150 million while the retail handle was about $3 million. In February, it was $138 million spent online and just $2.5 million in person.
That means that in just the first two months of 2020, online made over $10 million in revenue while land-based sports betting acquainted for $1.3 million.
New Hampshire
Things aren’t much different in New Hampshire, where a massive 51 percent tax rate on mobile wagers (50 percent on retail wagers) means that the Granite State benefits more from sports betting than any other.
At first, the state went live without mobile wagering before DraftKings joined the party as the only non-lottery operator. Until COVID-19, New Hampshire was the latest state to surpass early expectations following its December 2019 launch.
West Virginia
West Virginia introduced sports betting in 2018 but it disappeared before reappearing in August 2019. Due to only having a few months to work with, it is the only state with full mobile wagering to make more revenue from retail.
In 2020, however, early signs point to online wagering pulling in much more than land-based in its first full year. As of mid-April, about two-thirds of the handle and revenue has come from online.
Colorado & Indiana
Sports betting in Colorado just launched as the calendar flipped to May 2020 so there are no official numbers, although projections say the state could eventually take billions of dollars every year in handle and dozens of millions in potential tax revenue.
Indiana sports betting went live in 2019 just before the start of NFL season and the timing could not have been better. The Hoosier State saw $436 million in wagers during its first four months to close the year, with nearly 70 percent of bets coming online and that number expected to rise.
Will Mobile Sports Betting Be Included Going Forward?
The past two years are sufficient evidence that sports betting is more popular than ever before, and it’s unlikely to end anytime soon. Rather than slowing down, the industry is more like a freight train moving downhill.
By 2022, most states will have at least voted on legislation regarding the industry, and much sooner rather than later, the number of states without legal wagering will be in the minority. It is believed that by 2024, 80 percent of the country’s states could allow some form of sports betting.
Before we get too far ahead, however, let’s focus on the states that are launching next. Since the summer of 2019, there are five additional locations which passed sports betting legislation but haven’t yet gone live:
North Carolina Tennessee Virginia Washington Washington D.C. Just by looking at the legislation that has passed, we can determine which states have the brightest future ahead.
Despite all the evidence pointing to online wagering being the best way to generate the most revenue possible, some states are unfortunately still leaving considerable money on the table.
New States Are Limiting Sports Betting
Both North Carolina and Washington have passed bills and should be able to commence operations shortly, although it won’t be living up to its potential.
Sports betting won’t do much for North Carolina, which is limiting wagering to just two tribal casinos that are in the western half of the state. They are both over three hours from Charlotte and over five hours from Raleigh, the state’s two most populous cities.
Washington became the first state to pass betting in 2020, although this some more pretty restrictive legislation. Following lobbying from tribal casinos to pass the bill, wagering is limited to those locations. To make matters worse, bettors in the Evergreen State won’t even be able to wager on teams that play in Washington.
Sports Betting Launching The Right Way In Tennessee, Virginia, And Washington D.C.
Thankfully, there are a few locations that are passing sports betting in its most ideal form and including the online component, starting with our nation’s capital. Washington D.C. approved sports betting back in 2018 but amended its original plans to include mobile wagering and should launch in the wake of COVID-19.
Tennessee is set to become the first mobile-only sports betting state by the time it launches and should see massive success due to its proximity to several states that don’t yet have betting. Virginia is launching both mobile and in-person sports betting and is expected to attract similar operator competition as New Jersey, which has nearly 20 sports betting sites.
If all goes according to plan, the three territories above will make it nine of the 23 in total with full online sports betting included in its legislation. While the percentage of states with the mobile feature included is improving, there are still far too many millions being left on the table.
At a time where nobody should be turning down new streams of revenue, future states would do well to follow the money and the blueprint laid out by those which are pulling in the most tax dollars.
Undoubtedly, mobile sports betting will continue being a common denominator among the most successful in the industry.
Carousel Group, a privately-held holding company that operates in the regulated online gaming industry, announced today the launch of SportsBetting.com after being granted an internet sports betting operator license from the Colorado Division of Gaming on April 30.
The company’s flagship brand, www.SportsBetting.com, will serve as the web and mobile app betting odds portal for customers within Colorado state lines.
“This is our first venture in the U.S. so our resources are focused and committed to the Colorado market,” Carousel Group CEO Daniel Graetzer said. “Colorado and its residents embody what our company values – a progressive and innovative approach to business and life – so we are thrilled to be making our rookie debut in such a great state.”
Carousel Group is partnering with local TV, radio, podcasts and print, as well as restaurants and bars, to expand the brand’s reach and awareness. Local businesses are encouraged to contact the company to present sponsorship opportunities.
The group also plans to support state-run charities and non-profit organizations.
“We want to dig our heels into the grass and snow and make a lasting footprint in Colorado’s community and economy,” Graetzer said. “While some of our competitors have closed their doors and laid off employees in the U.S., we’re looking to hire local talent.”
In another atypical approach, SportsBetting.com runs on Carousel Group’s proprietary in-house platform, which allows it to bring a unique product to the market. This is in contrast to the methodology many gambling companies have taken over the last two years since sports betting became legal in the U.S.
“We have built our business behind a team with more than 50 years of experience in the gaming industry. That, combined with our own technology, gives us a huge advantage over the competition,” Graetzer added. “It’s in our DNA to be innovative and with our own infrastructure we will offer something fresh, exciting and customer-driven to the U.S. betting community.”
SportsBetting.com is in the deep development stages and will be live prior to the 2020 football season.
Michigan could rival the largest legal sports betting markets in the country once it matures, attracting billions of dollars in bets each year and generating millions in tax revenue, according to PlayMichigan.com analysts.
When Gov. Gretchen Whitmer signed HB 4916 on Friday, Michigan became the 13th state to legalize online sports betting statewide and just the fifth state to legalize online casino gambling. And Michigan’s potential as a market is enormous, capable of generating as much as $7 billion to $8 billion in sports bets annually and $500 million in gross operator revenue, according to PlayMichigan.com projections.
“Michigan is the second-largest state in terms of population to have legalized online sports betting and online casinos and poker, behind only Pennsylvania,” said Dustin Gouker, chief analyst for PlayMichigan.com. “Michigan’s business-friendly tax rate and competitive licensing fees will attract operators, too. And with a solid tribal and commercial casino infrastructure already in place, Michigan should be poised for quick success.”
Michigan will tax sports betting gross revenue at 8.4%, and Detroit casinos will pay an additional 1.25% tax to the city. That makes Michigan among the most competitive compared to other legal jurisdictions. By comparison, Pennsylvania levies a 36% rate, by far the highest in the nation. New Jersey charges a 9.75% tax on revenue from retail sportsbooks and 13% on online sports betting revenue, and neighboring Indiana levies a 9.5% rate on its sportsbooks.
Even with the lower tax rate, sports betting could generate as much as $40 million annually for the state, according to PlayMichigan.com.
“Some in Michigan obviously wanted a higher tax rate, but the current rate should draw significant interest from sportsbook operators,” Gouker said. “That will help the market mature more quickly than markets such as Pennsylvania, where the ramp-up has been much slower despite having the largest population among all states with legal sports betting.”
Much of the future of Michigan sports betting depends on how much the state’s 23 tribes embrace online betting, which is a significant variable in how successful the industry might be in the state.
The same can be said for online gambling and poker, which could generate millions each year in gross revenue if it’s adopted by operators statewide.
Regardless, online gambling should eventually boost the online sports betting industry once it launches. In New Jersey, a symbiotic relationship has formed, spurring growth in both online casinos and online sportsbooks. And that relationship will likely develop in Michigan, too.
“The Michigan bill has clearly set up the industry to succeed and eventually become one of the largest markets in the country, as long as everyone buys in,” Gouker said. “By securing an operator-friendly infrastructure, the state should eventually realize its revenue goals to the benefit of Michigan as a whole.”
For more information and analysis on regulated sports betting in Indiana, visit PlayMichigan.com/news.
Penn National Gaming, Inc. (PENN: Nasdaq) (“Penn National” or the “Company”) announced today that it has entered into multi-year agreements with leading sports betting operators DraftKings, PointsBet, theScore and The Stars Group for online sports betting and iGaming market access across the Company’s portfolio. Penn Interactive Ventures, LLC (“PIV”), a wholly owned subsidiary of the Company, will manage the relationships, in addition to operating the Company’s primary sports betting and iGaming initiatives through a new partnership with leading service provider Kambi.
According to Jon Kaplowitz, Penn National’s Sr. Vice President of Interactive Gaming: “We’re pleased to be providing the top names in sports betting, iGaming and poker access to our Company’s non-primary licenses to conduct these operations in exchange for a combination of upfront cash and equity, one-time market access fees and ongoing revenue sharing.”
Under the terms of the agreements, each “skin” partner will have the option to own, operate, and brand real-money online sports betting, poker, and casino offerings in each of the states outlined below, pursuant to a first, second or third skin, as applicable, and subject to license availability, state law, and regulatory approvals.
DraftKings:
States Covered: Florida (1st skin), Indiana (3rd skin), Missouri (1st skin), Ohio (1st skin), Pennsylvania (1st skin), Texas (1st skin) and West Virginia (2nd skin)
Term of agreement: 10 years, subject to a ten year extension
Key economic terms: Revenue share to Penn National based on net gaming revenue
PointsBet:
States Covered: Indiana (2nd Skin), Louisiana (1st Skin), Missouri (1st Skin), Ohio (1st Skin) and West Virginia (3rdSkin)
Term of agreement: 20 years
Key economic terms: Revenue share to Penn National based on net gaming revenue
Equity Position: PIV will take a strategic equity stake of 5.28% in PointsBet, with an additional $2.5 million access fee for Ohio, based on certain conditions, payable in cash or equity at Penn National’s option. In addition, PIV will receive 10,372,549 options, exercisable for two years, to acquire additional shares of PointsBet
Key economic terms: Revenue share to Penn National based on net gaming revenue
Equity Position: PIV will take a strategic equity stake of 4.7% in theScore, with the potential for this stake to increase as additional market access fees become payable.
The Stars Group:
States Covered: Illinois (1st skin), Indiana (1st skin), Kansas (2nd skin), New Mexico (2nd Skin), Maine (2nd skin), Massachusetts (2nd Skin), Michigan (2nd Skin), Ohio (1st Skin) and Texas (1st Skin)
Term of agreement: 20 years
Key economic terms: Upfront payment of $12.5 million payable cash, with an additional access fee of $5 million in cash for Texas based on certain conditions; revenue share to Penn National based on net gaming revenue, with a one-time bonus based on net gaming revenue in 2023
“Sports betting represents an exciting new growth opportunity for Penn National,” said Mr. Kaplowitz. “Our skin agreements announced today will help fund the cost of launching and maintaining our primary sports betting and iGaming operations, both by way of the upfront consideration and the long term revenue sharing arrangements, which are consistent with industry standards and subject to minimum guarantees.
“By controlling our front-end product and relying upon our new partnership with Kambi for managed-trading services, we can create a lasting and differentiated online and retail product experience for our customers,” continued Mr. Kaplowitz. “When coupled with our industry leading regional casino footprint and database of over five million active customers, the Company is uniquely positioned to capitalize on the rapidly expanding sports betting and iGaming markets in a way that maximizes value to our shareholders. This strategy is exemplified in our recent iGaming launch in Pennsylvania, where we were the first iGaming operator to take wagers in the state. Additionally, we will be launching our first in-house retail sportsbooks at our Iowa and Indiana properties in the coming weeks,” concluded Mr. Kaplowitz.
Pennsylvania’s sports betting industry got an expected boost in June from the first full month of online wagering, helping online and retail sportsbooks generate a record $46.3 million in bets during what is historically a slow month for sports betting. But with just one online sportsbook live all month and two more launching June 27, online casino games launching this week, and significant obstacles yet to be ironed out for all of Pennsylvania’s online products, June offered just a window into what is possible, according to PlayPennsylvania.com analysts.
“The summer months are historically the slowest on the sports betting calendar, so a relatively strong showing is significant,” said Jessica Welman, sports betting analyst for PlayPennsylvania.com. “The rollout has been slow and with considerable hurdles, most notably the exclusion of online sportsbooks from iOS. Still, there is no question that the launch of online sports betting is a shot of momentum for the industry.”
In all, Pennsylvania’s retail and online sportsbooks were up from $35.9 million in May, according to official data released on Thursday. $19.3 million of those bets, about 42%, were made online.
SugarHouse Casino’s online product generated $18.2 million in bets in its first full month, and the online launch of Rivers Casino ($848,520) and Parx Casino ($307,011) on June 27 combined to bring in $288,883 per day.
Online bets represented 83% of New Jersey’s $273.2 million June handle, showing that much ground can still be made. FanDuel at Valley Forge Casino, Harrah’s Philadelphia, Hollywood Casino at Penn National, and Presque Isle Downs are working to launch online sportsbooks this summer. And developers are working to comply with Apple’s policy that requires the apps to be written in code native to the iOS system.
“Hopefully by the beginning of football season, online sportsbooks will be a bit closer to maturity,” Welman said. “Summer months being typically slow, it is a good time for the industry to work out the kinks and SugarHouse just launched an iOS workaround. But sports betting revenue will be artificially depressed if the obstacles we’ve seen so far aren’t smoothed out by the end of summer.”
PlayPennsylvania.com
Online and retail bets yielded $3.1 million in revenue in June, up from $2.8 million in revenue in May, resulting in $740,455 in tax revenue.
In June, SugarHouse Casino’s online launch helped propel it past Rivers Casino as the market leader. SugarHouse Casino took in $23.3 million in retail and online bets, up from $7.9 million in May, yielding $1.8 million in revenue, up from $711,845. Rivers, which still lead the retail market with $6.2 million in bets, accepted $7.1 million in online and retail wagers, down from $7.9 million in May.
Sportsbooks may also get a boost from the launch of online casino games, which began this week with Parx Casino.
“Online casino games will be crucial for the health of Pennsylvania gaming industry,” Dustin Gouker, lead analyst for PlayPennsylvania.com. “We’ve seen in New Jersey that online casinos benefit not only online sports betting, but also brick-and-mortar casinos. Ultimately, online casinos should generate millions in tax revenue for Pennsylvania.”
For more information on the revenue generated by Pennsylvania sports betting, visit www.playpennsylvania.com/sports-betting/revenue.
DraftKings Inc. announced today the launch of Flash Bet; a faster, easier way for customers who love sports to engage in every minute of action through live betting and instant winnings. Released just in time for Wimbledon, the unique offering is the first of its kind and available only on the DraftKings Sportsbook. This new product feature continues the company’s reputation of being the first to market with new and innovative sports betting technology.
Flash Bet will allow customers to place live, in-game wagers quickly between points in a given match. Once bettors place their wagers via the Flash Bet tab on the mobile or online DraftKings Sportsbook, they will be able to view a timeline of their bet’s results and receive payouts seconds after the play is over. Embedded match graphics will show the ball as it moves across the court in real-time with descriptions of the service, points won and court type. The product is currently exclusive to live tennis wagering as DraftKings remains dedicated to enhancing every moment on the court into an elevated fan experience.
“Live wagering is already widely popular today, but also represents a crucial part of the customer experience and engagement tomorrow,” said Jordan Mendell, Senior Vice President of Product Research and Development. “Short of playing on the court themselves, we are wholly invested in bringing our customers as close as possible to Wimbledon this year, while also giving them a taste of the lightning-quick innovations to come.”
As an industry leader for mobile and online sports betting, DraftKings has applied its prime positioning as a sports technology company to satisfy a growing customer base in excess of 11 million and counting. Flash Bet is another example of the innovative approach DraftKings has taken to develop a world-class product by streamlining the in-game wagering experience and helping usher in an expeditious era of sports betting through mobile technology advances.
The DraftKings Sportsbook app is available to download for both iOS and Android.
For the first time ever, DraftKings will offer its innovative daily fantasy games for the 2019 FIFA Women’s World Cup, making women’s soccer the 13th DFS category for DraftKings, which continues to lead the pack in available sports among fantasy operators.
“All eyes will be on the matches in France, and we are excited to offer soccer fans a more engaging way to enjoy the action,” said Matt Kalish, CRO and co-founder of DraftKings. “The passion of our fans informs our innovation and product roadmap, so for such a special event that only comes along every four years, we wanted to ensure our full complement of offerings would be at their fingertips.”
Fueling the DraftKings Women’s World Cup contests are the company’s data capabilities, which will source match and player information at every moment of play for fans to leverage in their daily fantasy selections. Customers can enjoy DraftKings Classic and Showdown modes for World Cup matches, constructing lineups of six players while staying within a $50,000 salary cap range and designating a “captain” slot that grants one player a bonus multiplier. Classic contests will require selecting players from more than one match, while Showdown contests must include players from each team in a single match.
In addition to the daily fantasy contests available in eight countries around the world – including the U.S., Canada, the U.K. and Australia – fans in New Jersey and Mississippi will be able to legally bet on the Women’s World Cup for the first time via DraftKings Sportsbook, with mobile only available in New Jersey.
To get in the game inside the game during the Women’s World Cup, players can either head to www.draftkings.com or download the DraftKings app via iOS and Android.
Seven Star Digital today announces the launch of its latest gambling comparison venture, BettingUS.com. The London-based iGaming customer acquisition company has enjoyed success in European gambling markets and is now ready to apply a similar model to US sports betting.
BettingUS.com is an online sportsbook comparison tool, offering betting site reviews and guides to legislation on a state-by-state basis, as well as betting guides for individual sports. The site also covers US gambling news, making it a hub for all those involved with sports betting in the US.
The launch follows the PASPA repeal, which meant that, from May 2018, individual states could determine their own sports betting legislation, opening up the US sports betting market. Delaware, New Jersey and Mississippi were among the first states to issue legislation, but many more are now following suit.
The New Jersey Division of Gaming Enforcement granted BettingUS.com approval as an affiliate in New Jersey, which means the website can direct traffic to NJ licensed online operators. This licence is an important step for BettingUS.com as it builds its reputation in the US gambling industry. Whilst the New Jersey market currently offers the greatest immediate opportunity, other US states, such as Pennsylvania, are also highly promising.
Luke Eales, Founder & CEO of Seven Star Digital said: “The regulated US sports betting market is growing at quite a pace, opening up a whole host of opportunities for us to tackle. Our aim is to make it easier for punters to navigate the US sports betting scene as more states move towards legalisation.
“BettingUS.com currently offers news, state guides and NJ sportsbook comparison, and we’re excited about the potential for adding even more value to users, including those seeking odds comparison and betting tips, in the near future.”
With the US sports betting market predicted to reach $8bn in revenue by 2030*, BettingUS.com has the potential to become a leading sportsbook comparison tool spanning multiple regulated states in America.
Pennsylvania’s retail sportsbooks posted a solid April, but it is what lies ahead that is most important for the state’s fledgling sports betting industry, according to PlayPennsylvania.com analysts.
“The launch of online sports betting will give the first real window into the overall strength of the industry,” said Jessica Welman, sports betting analyst for PlayPennsylvania.com. “Online sports betting will ultimately transform the market and put it more in line with Nevada and New Jersey, the country’s two largest sports betting markets.”
In what should be the final month before online sports betting launches, Pennsylvania’s retail sportsbooks attracted $36.8 million in April bets. That is down 17% from the record $44.5 million in March, according to official reporting released on Thursday. The vast majority of action came from baseball’s first full month, the Final Four, and the beginning of the NBA and NHL playoffs. In legal jurisdictions such as Nevada, April is typically a slower sports betting month than March.
April bets generated $4.2 million in revenue, down from $5.5 million in March and $1.9 million in February, and injected $1.5 million into state government coffers, down from $1.99 million in March.
The launch of the first Pennsylvania online sports betting app is expected within days or weeks, and more online sportsbooks will soon follow suit. Online betting has proven to be critically important in New Jersey, where more than 80 percent of sports bets are made.
Assuming Pennsylvania bettors show a similar fervor for online betting as their neighbors in New Jersey, the impact will be a game-changer.
“There is no reason to believe that Pennsylvania bettors will behave significantly different than New Jersey in their preference for online sports betting products,” said Dustin Gouker, lead analyst for PlayPennsylvania.com. “The convenience and ease of use of sports betting apps make them appealing to most bettors. And having established operators will help get the online market off on the right foot.”
Rivers Casino, the only sportsbook in the Pittsburgh market, remained the market leader by attracting $8.2 million in April bets, down from $11.9 million in March, and $871,753 million in revenue, down from $1.3 million. Rivers was followed by:
· SugarHouse Casino ($7.9 million handle, down from $9.2 million in March; $871,753 revenue, down from $1.2 million) · Parx Casino ($6.9 million handle, down from $7.96 million; $907,298 revenue, down from $984,339) Hollywood Casino at Penn National Race Course ($3.9 million handle, down from $5.3 million; $361,249 revenue, down from $521,864) · FanDuel at Valley Forge Casino Resort ($3.1 million handle, up from $2 million handle; $379,731 revenue, down from $449,597) · Harrah’s Philadelphia ($2.7 million handle, down from $3.8 million; $282,740 revenue, down from $326,752) · South Philadelphia Race and Sportsbook ($2.6 million handle, down from $3.6 million; $441,692 revenue, down from $534,253) · Valley Forge Race and Sportsbook ($1.5 million handle, up from $706,089; $195,856 revenue, up from $120,836)
“We expect Rivers Casino to remain strong in the retail market, but online betting will change the market’s dynamics,” Welman said. “The May report will be interesting to see.”
New Jersey’s sportsbooks took in more than $320 million in February bets, generating strong monthly revenue despite a short month and a predictable post-Super Bowl lull. In all, New Jersey’s online and retail sportsbooks netted $12.7 million in revenue on $320.4 million in sports bets, down 16.8 percent from a record $385.3 million wagered in January.
The February handle works out to $46 per adult resident of New Jersey, significantly larger than any other legal sports jurisdiction, other than Nevada.
“Because of the strength of New Jersey’s online product, in-play betting during the Super Bowl was significantly stronger in New Jersey than in other legal markets,” said Dustin Gouker, lead sports betting analyst for PlayNJ.com. “In addition, New Jersey’s sportsbooks saw significant action on other sports, particularly on college basketball and the NBA. It adds up to another very good month for New Jersey even after a somewhat disappointing Super Bowl handle.”
New Jersey’s online sportsbook brands accounted for $258.9 million, or 80.8 percent, of total bets in January, according to official reporting. The state’s retail sportsbooks made up the remaining 20.2 percent. That compares to 79.2 percent of total bets flowing through online sportsbooks in January.
“New Jersey’s sports betting market is less driven by major events than in Nevada, and February’s numbers bear that out,” Gouker said. “The market’s consistency will eventually help New Jerseyovertake Nevada as the largest legal sports betting market in the U.S., which is now more a question of when rather than if.”
PlayNJ.com
FanDuel Sportsbook/Pointsbet overtook DraftKings Sportsbook as the state’s dominant online sportsbook with $6.6 million in February gross revenue, up from $5.9 million in January. DraftKings Sportsbook fueled Resorts’ $3.7 million in February online gross revenue, down 46 percent from $6.9 million in January.
FanDuel Sportsbook at The Meadowlands continues to dominate the retail market, posting $1.5 million in February gross revenue, up from $1.2 million in January. FanDuel was followed by Resorts AC’s $142,846.
“DraftKings and FanDuel show few signs of relinquishing their top spots,” Gouker said. “But with football now over, it will be interesting to see if a change in focus to college basketball and Major League Baseball alters the dynamic in the coming months.”
LEGAL ONLINE CASINOS
A month after crossing the $30 million threshold for monthly revenue for the first time, legal online gambling generated $31.8 million in February, up 44 percent from $21.99 million in February 2018. Though monthly revenue was down from a record $33.6 million in January, the industry generated $1.1 million per day in the 28 days of February, even with the 31 days in January.
“New Jersey’s online casinos are among the biggest beneficiaries of legalized sports betting,” said Steve Ruddock, lead online gambling analyst for PlayNJ.com. “Online casino revenue has grown by at least 25 percent in seven of the eight months since online sportsbooks made their first appearance in the Garden State. It would not be surprising if the industry hits $40 million in monthly revenue at some point before 2019 has ended.”
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