The good news for the New Jersey sportsbooks in the newly released revenue report for October is a large jump in handle from $186 million in September to $261 in October. The downside is that the bettors took a bigger bite of the books this month than usual, cutting revenue by more than half month-over-month from $24 million in September to “just” $11.7 million in October.
Overall that spells a 4.4 percent hold, down from 13 percent in Sept., which may be partly attributable to baseball (more on this below) and perhaps moreso a lot of “public” teams covering the spread in October NFL contests. The rise in betting handle is almost entirely attributable to the mobile/one sector, which grew from $105 million in September to $174 million in October. On-site sports betting inched up from $79 million in the prior month to $86 million.
Resorts Digital continues to lead the way by a lap on the revenue front, reporting $5.1 million in October, which is nearly half of the entire haul across all sportsbooks for the month. An arm of Resorts Casino, Resorts Digital figures represent DraftKings Sportsbook as well as BetStarsNJ.com. We can no longer parse out which side is driving what, but based on prior figures we can safely say that DraftKings is responsible for the lion’s as well as the cub’s share. Let’s dig in a litter deeper now.
October Brick-and-Mortar Sportsbook Revenue:
- Bally’s: $303K
- Borgata: $120K
- Golden Nugget: $46K
- Harrah’s: $104K
- Meadowlands (FanDuel Sportsbook): $1.1 million
- Monmouth Park: $606K
- Ocean Resort: $438K
- Resorts: $97K
- Tropicana: $15K
A spokesperson for FanDuel Sportsboook said: “Demand for the FanDuel Sportsbook continues to outpace our expectations with online handle 2.5 times higher than September and continued double digit growth in retail handle. It was an exciting month for bettors who won at a high rate on football and benefitted from our industry-leading pricing and odds boosts.”
October Online Sportsbook Revenue:
- Bally’s (combination of CaesarsCasino & 888sport): $108K
- Borgata (PlayMGM): $67K
- FanDuel Sportsbook (Meadowlands): $2.43 million
- Golden Nugget (PlaySugarHouse): $151K
- Monmouth Park (William Hill and PlaySugarHouse): $609K
- Ocean Resort (William Hill): $385K
- Resorts Digital (combination of DK Sportsbook and BetStarsNJ.com): $5.1 million
Every week, Sports Handle will look at NFL lines, specifically “lookahead lines,” to see how they’re moving and why. Lookahead lines are those posted one week prior to a game or even before the season has begun, as CG Technology does.
By comparing changes between current lines and the numbers hung days earlier, we can get a sense of where recency bias or overreactions are seeping in.
We’ll highlight the significant shifts, look for value and suggest when it’s a good idea to get behind or stay away from certain teams. Here’s a look at the Week NFL 11 line moves and what it means to bettors. (Note: odds indicated based on current numbers at several Las Vegas sportsbooks.)
NFL Week 11 Lines, Before And After: Carolina Bigger Favorite At Detroit Despite Getting Crushed By Steelers, Meanwhile Steelers Move Past Key Number Against Reeling Jaguars
Carolina Panthers (-4 or -3.5) at Detroit lions
It’s not often a team gets blown out on national television 52-21 and the line moves in their favor, but that’s what we have in this matchup. Last week the Panthers were -3 at the SuperBook and -1.5 at FanDuel Sportsbook. Even after getting drilled by the Steelers, the line moved to Carolina -4.
That’s because the Lions are arguably the second worst team in the NFL right now. Detroit is 0-3 both SU and ATS in its last three games, losing by 14, 15 and 12 points over that span. Carolina didn’t show up last Thursday night in Pittsburgh but prior to that loss the Panthers were riding a three-game winning streak SU and ATS.
While the Lions look like they’ve waived the white flag on the season, it should be noted that the Panthers aren’t the same team away from home. Carolina is 1-3 SU and ATS on the road this season with its lone win being a come-from-behind victory over the Eagles. Meanwhile, the Lions are 2-2 SU and ATS at home with wins over the Patriots and Packers.
There seems to be some value here with the Lions. The problem is Detroit has looked lifeless in its last three games, so it may not matter.
The wall separating the major U.S. sports leagues and sports wagering world continues to crumble with the announcement of two new deals involving Daily Fantasy Sports (DFS) and sportsbook operator FanDuel.
FanDuel in its newly minted partnership with the National Hockey League (NHL) has additionally refocused attention on what was its core business as it continues its efforts to establish itself in emerging Nevada-style sports betting marketplaces.
On Monday, the number two DFS company announced a multi-year partnership with the NHL, making FanDuel the “exclusive official daily fantasy partner and an official sports betting partner of the NHL.” The new deal also allows FanDuel customers to gain access to what it calls “special prizing,” such as VIP experiences to NHL major events including its All-Star Game and Winter Classic outdoor hockey game.
They weren’t quite stunning, but the numbers were pretty huge: $184 million betting handle across retail sports betting operations at Atlantic City casinos and two racetracks, with the majority of the betting handle coming online, $104.8 million, versus $79 million across counters in person. Total revenue was just about $24 million, or a roughly 13 percent hold (which is a bit inflated as a result of accounting methods, explained below).
Month-over-month, the $184M represents nearly a doubling from the $96 million betting handle and $9.2 million revenues in August, when only the DraftKings Sportsbook was operating online the entire month, to be joined in Sept. by FanDuel Sportsbook, SugarHouse, William Hill and others. Below let’s dig a bit closer into the numbers.
The post Get a Grip: The Week in Sports Betting And Sports: FanDuel Fiasco Wrap, Congress Coming appeared first on SportsHandle.
It’s information overload everywhere, and there’s not time enough to sleep and eat and stay fully apprised of what’s happening on this crazy blue dot of ours (two out of three ain’t bad).
Here’s the weekend Sports Handle item, “Get a Grip,” recapping the week’s top stories, and rounding up key stories in sports betting, gaming, and the world of sports at large. You may have missed them, and they are worth reading.
Takeaways on FanDuel Sportsbook Fiasco; Sports Betting Hearing on Capitol Hill Set for Next Week, Destination and Objectives Largely Unknown
A lot has happened this week, which has become the norm, and probably will remain so until the end of time. The top headline this week concerned the ticketing “glitch” at the FanDuel Sportsbook at Meadowlands Racetrack in New Jersey. It became a full-fledged national mainstream media story.
If you’re here, you know the facts by now, but let’s quickly recap: A man named Anthony Prince placed a bet over the counter at +75000 odds on the Broncos to defeat the Raiders at a time when the actual odds posted should have been -600. He wagered $110 to win about $82,000. The Broncos won the game. FanDuel said they would not pay Prince the money, calling the odds a technical error (with some human error, too). They initially offered him $500 and Giants tickets (value descending) instead of the $18 he’d have won at -600. Prince lawyered up.
The New Jersey Division of Gaming Enforcement began an investigation and although FanDuel may have been able to avoid paying the man (there were others who took advantage of the erroneous line that lived for 18 seconds) under regulations and house rules, the DGE may have pressured FanDuel to resolve the dispute by just paying Prince — to avoid a bad look so early into the growth process of New Jersey’s new sports betting market. On Thursday FanDuel reversed course and will pay that man his money, ultimately, a public relations move that may benefit the company overall.
The post Examining The FanDuel Sportsbook Ticketing Snafu Through The Eyes of Nevada appeared first on SportsHandle.
Sports bettors in emerging markets are continuing to discover some of the vagaries of sporting wagering. Among them are situations when an “accepted” bet may not always be a bet, and what happens to a “wins/losses” totals bet if a team ends up with a postponed game that’s not rescheduled.
FanDuel Sportsbook, operating at The Meadowlands Racetrack, has refused to honor a $110 live betting ticket on the Broncos to defeat the Raiders on Sunday — a wager that would have paid more than $82,000. The company says the extremely large odds on the bet were caused by an error in the oddsmaking process. “The wager in question involved an obvious pricing error inadvertently generated by our in-game pricing system,” a FanDuel spokesperson said in a statement.
The bettor, who identified himself to News 12 New Jersey as Anthony Prince, made his wager over the counter at the sportsbook at the Meadowlands with Denver trailing the Raiders 19-17 late in the fourth quarter. The Broncos then arrived comfortably in field goal range, especially given the high altitude in Denver, when Broncos QB Case Keenum completed a pass down to Oakland 18-yard line. However, as FanDuel updated the live betting odds to reflect Denver as a -600 favorite the company says an error in the live-odds feed caused the Broncos to be posted as 750-1 (+75,000) underdogs to win the game.
The post NJ Man Says FanDuel Won’t Pay; Company Investigating appeared first on SportsHandle.
A New Jersey man says he made a wager on Sunday at the FanDuel SportsBook at the Meadowlands Racetrack and that FanDuel won’t pay up. The bet, an in-game wager, would have paid $82,610 on a $110 wager and was made with 1 minute, 10 seconds remaining in the Denver Broncos-Oakland Raiders contest.
According to a report from News12 in New Jersey, FanDuel says the ticket was a glitch and is looking into the matter. But the bettor, Anthony Prince, is all but demanding FanDuel pay out immediately.
“They said their system had a glitch in it and they’re not obligated to pay for glitches,” Prince told News12. “The other guy said, ‘You should take what we give you because we don’t have to give you [anything] at all.’ I said, ‘Wow, for real?’”
The post New Jersey Sports Betting Generates $9.2M Revenue on $95.6 Handle In August appeared first on SportsHandle.
The New Jersey Division of Gaming Enforcement on Wednesday released its monthly revenue figures, reporting a total handle of $95.6 million and gross revenue of $9.18 million for the sportsbooks across the seven licensed NJ sportsbooks that reported on the month’s operations.
That’s a hold or win percentage of 9.6. The August report includes for the first time dollars connected to online sports betting, which produced a total of $2.97 million on a $21.7 million handle, or an online hold (win percentage) of roughly 15 percent. The vast majority of both figures are attributable to the DraftKings Sportsbook — meaning DraftKings alone accounted for almost exactly one-third of the monthly revenue.