New Jersey Sports Betting Generates $9.2M Revenue on $95.6 Handle In August

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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.

 

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New Jersey Gets Seventh Mobile Betting Option With 888sport’s Launch

The post New Jersey Gets Seventh Mobile Betting Option With 888sport’s Launch appeared first on SportsHandle.

Add the European-based 888 brand to the red hot sports and online gambling market in New Jersey in a move further integrating sports betting with online casino gaming.

888 Holdings is based in Gibraltar and listed on the London Stock Exchange. The company announced today (Monday) that it has set up its first 888 sport brand in the New Jersey, clearing the way for growth in other U.S. markets as they become legal.

Continue reading New Jersey Gets Seventh Mobile Betting Option With 888sport’s Launch on SportsHandle.

DraftKings Sportsbook Fully Launches

The post DraftKings Sportsbook Fully Launches: What’s Up And What You’ll See appeared first on SportsHandle.

The DraftKings Sportsbook soft launch period is over and is now open to all players in New Jersey, the company announced on Monday. On Wednesday, August 1, the DFS-turned-sportsbook operator’s mobile sports betting app/web platform went live on an invite-only basis, the first such app available amongst the New Jersey sports betting licensees.

“I am excited to begin this new chapter in our story by officially launching what I believe to be the most innovative, mobile sports betting product in the U.S.,” said Jason Robins, CEO and co-founder of DraftKings. “We have put immense thought and significant resources behind the development of DraftKings Sportsbook and I’m confident that sports fans in New Jersey will enjoy using it to make the experience of watching the games even more interesting and thrilling.”

The initial launch period was met with some positive reviews — mostly of the technology — and some negativity, mostly of its pricing. Going forward, there’s room for upgrades on both fronts.

DraftKings Sportsbook Goes Live to Masses After Becoming First NJ Online Sportsbook to Launch Last Week; A Look What You’ll See & Some Notes

On its hours-old Twitter handle @DKSportsbook, the company was quick to notify people that you don’t have to be among the 9 million New Jersey residents to use the book (or roughly 6.75 million ages 21 and up):

 

The soft launch period served to allow testing of its product and servers, flagging and ironing of glitches, and we presume collect some data on its initial user cohort.

During an opportunity to play around and wager on Friday and Saturday, we made some observations:

 


Those taking their first spin today will find a variety of props on baseball (below), and those throughout the country not yet able to check it out will eventually find the same options:

  • Total runs odd/even
  • Pre-made parlays, such as: “home team and over”
  • Team with the highest scoring inning
  • Last team to score
  • Team totals (runs scored)
  • Result of first inning (one or the other team will score or tie)

And the ability to bet on a wide variety of sports/events, including ATP-Rogers Cup, PGA Championship, Rugby Union, motorsports (Belgian GP), darts, cricket, and NCAA football futures, such as conference winner.

One not-yet-mentioned feature I like is that inputting bets both on mobile and desktop is pretty seamless: You put the bet in and hit “Place Bet.” You don’t have to re-enter your password or anything, which in the case of live-betting or halftime/quarter betting, can result in missing the window.

draftkings sportsbook review

The main drawback? The prices/juice is for the most part higher than at Las Vegas sportsbooks and offshores offer.

Critics have been loud on this front, but the reality is — there is a cost of doing business and playing in legal, regulated markets. DraftKings and the other legal NJ sportsbooks will have to pay 13 percent of gross revenues to the state of New Jersey.  And this is why Pennsylvania absolutely must reconsider the ludicrous fees ($10 million just to get a license) and taxes (36 percent) imposed by its sports betting legislation. 

Compared with zero percent in offshore markets. That money must come from somewhere. The Las Vegas books today mostly have 10, 15 or in some cases 20-cent money lines for baseball. On the DK sportsbook, they range between 15 and 30 cents.

Online Competition Coming

 

None of MGM, Caesars or William Hill is yet live with their mobile/web offerings in New Jersey. Expect those soon, as well as from the other NJ sportsbooks launching in retail soon, which is a priority for most.

How did DraftKings get to market first? They’ve been gunning for this opportunity for a while, and they also didn’t have to worry about the task of setting up retail operations. In NJ that task falls to Resorts Casino, whose license DraftKings is operating under.

On the technology and risk-management front, DraftKings has the Malta-headquarted Kambi Group providing risk-management and technology services behind the scenes.

Which brings to the target demographic: DraftKings is catering to the recreational bettor, probably many of whom haven’t used a sportsbook before and have only bet against a friend. People ticked off about inferior lines? They can play at the same places you have been. DraftKings offers certain conveniences such as simple debit card deposits and, depending where you’ve played, better consumer protections. 

When the local competition arrives for DraftKings, we could see their lines tighten. One of the interesting things we’ll have to watch going forward is how lines differ among the same operators in different jurisdictions. For example, what will Caesars be hanging in Las Vegas (6.75 percent tax rate) versus New Jersey (13 percent) versus a state that establishes, for example, a 10 percent rate? And then compare that with offshore.

Good luck outrunning higher juice, but this is the beauty of having choices.

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Meadowlands’ FanDuel Sportsbook Draws $3.5M Handle in Short Order

The post Meadowlands’ FanDuel Sportsbook Draws $3.5M Handle in Short Order appeared first on SportsHandle.

The FanDuel Sportsbook retail shop located at Meadowlands Racetrack in East Rutherford, New Jersey, yielded nearly $3.5 million in total wagers in just two weekends and one week since its July 14 opening, according to an Associated Press report. FanDuel officials confirmed the number to Sports Handle.

The New Jersey sportsbook’s opening marked a couple milestones, the first being the inaugural physical location for the DFS-focused operator FanDuel, its acquisition by Ireland-based bookmaker Paddy Power Betfair (PPB) now completed. A second FanDuel sportsbook is coming in August at the Greenbrier Resort in West Virginia.

The second big milestone was the launch of a sportsbook in an NFL team’s home state, better yet literally in its backyard. The Meadowlands Sports Complex is also home to MetLife Stadium, home field of the New York Giants, New York Jets and the Giants practice facility as well, the Quest Diagnostics Training Center. But the auspicious launch from a handle perspective did not escape without some controversy.

FanDuel Sportsbook at Meadowlands Boasts Happy Handle After Nine Days In Business, Bodes Well for Football Season.

 

The backlash stemmed from FanDuel Sportsbook’s opening day pricing. A number of the baseball games on the July 14 menu were offered at 35-cent lines, in the range of surprising and absurd. Industry standard, at least in Nevada, is about 15- or 10-cent lines on baseball. For example, -140 on the favorite and +130 on the underdog.

Per ESPN Chalk’s David Purdum two days after launch, “Bettors should expect more traditional pricing moving forward at the new FanDuel sportsbook at the Meadowlands, where over $1 million was wagered over the weekend.”

Not a good break out of the gate, but it will be forgotten by most come September when the book remains wonderfully situated just eight miles from Midtown Manhattan. By that time the mobile platform will be available, as well, with FanDuel’s built-in clientele set to be activated and other market players having to start from scratch.

Incidentally $3.5M is on par with the first month of sportsbook revenue (rather, 17 days) by the three then-operational NJ sportsbooks in June, which included the William Hill sportsbook at Monmouth Park and the Borgata Race & Sports Book in Atlantic City. Ocean Resort had its book open three days to end June. Keep in mind, the New Jersey sports betting revenue numbers will include future wagers and to-be-decided props at the time of the bets, with winning tickets to be deducted at the time of redemption.

Company Coming.

Last week the New Jersey Division of Gaming Enforcement (DGE) accepted new sports wagering certificate applications from properties including Resorts Casinos, all Caesars Entertainment casinos (Harrah’s, Bally’s, Caesars) and the Golden Nugget.

The Harrah’s sportsbook is already under construction. Resorts, which has partnered with SB Tech and DraftKings, probably isn’t far behind. There may be as many as eight or nine sportsbooks live by football season and several of them with live mobile applications that will only increase handle and revenue.

It remains to be seen how much of that $3.5 million handle for Meadowlands falls into the “win” column, but it’s an auspicious start with a lesson learned during a period of relative calm, as far as the sports betting calendar goes.

On a Tour-de-Atlantic City sportsbooks and casino floors this past weekend, Sports Handle observed pretty full houses at Harrah’s, Tropicana, Borgata (the sportsbook and floor) and Ocean Resort. Likewise at the FanDuel Sportsbook on Sunday at noon, where more teller windows would have helped some deep lines.  

“I’m surprised how crowded it is here with the Hard Rock just opening,” a Harrah’s blackjack dealer said around 11 p.m. on Saturday night. “The Hard Rock looks nice. It is not the Taj Mahal [the space that Hard Rock now occupies].”

The Hard Rock Atlantic City is getting on the sports betting wagon, too, with some kind of partnership with the U.K.-based bet365 in the works.

A rising tide appears to be lifting all boats, with waves coming courtesy sports betting and some fresh starts.

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Get a Grip: Week in Sports Betting and Sports: New Jersey, DraftKings Sportsbook

The post Get a Grip: Week in Sports Betting and Sports: New Jersey, DraftKings Sportsbook 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,” rounding up top stories in legal sports betting and gaming, and the world of sports at large. You may have missed them, and they are worth reading. This is meant to be brief, so that’s it.

New Jersey Sports Betting Population Will Be Increasing; DraftKings Sportsbook to Enter NY Sports Betting Picture

harrahs new jersey sports betting sportsbook coming

With state legislatures on break for the summer (and most already adjourned), things have been less frenetic recently in the legal sports betting world. New Jersey sports betting remains front-and-center as the licensure process continues.

The above-the-fold headline of the week probably is that story: Another wave of casinos apply to join the New Jersey sports betting picture. This came after the potential licensee casinos got a kick in the rear from Division of Gaming Enforcement and director David Rebuck — who said that if they didn’t submit applications for a sports wagering certificate soon, they might not gain approval before football season.

So the casinos quickened their pace and the DGE received applications on Monday from the Golden Nugget for retail and mobile/web-platform wagering; from Caesars Entertainment for its properties Harrah’s and Bally’s for both retail and online operations and Caesars for online; also among the group pushing in their application (of which one is not yet identified, perhaps it’s Hard Rock Atlantic City) was Resorts , which previously partnered with SB Tech and DraftKings and will use some combination of those two entities for its retail and online offerings.

Speaking of DraftKings, the DFS-turned-sportsbook operator landed a deal with del Lago Resort & Casino in New York’s upstate Finger Lakes region. The property has struggled since launching in February 2017, so when NY lawmakers get around the legalizing sports wagering, which we guesstimate will occur in March 2019, sports betting will be a needed shot in the arm.

The partnership is a boon to DraftKings given the sheer size of the opportunity and legislation expected to open up the entire state to competition online, without a foolish in-person registration requirement in a state that’s sparsely populated by casinos. The open competition will be a win for New York patrons, too.

And of course, as in New Jersey where only casinos and racetracks are eligible for licenses at this point — in all likelihood the requirement will be the same in New York — establishing this relationship now was good move. Same as what FanDuel/Paddy Power Betfair accomplished by hooking up with New York racetrack Tioga Downs Casino Resort and racetrack, which is owned by Jeff Gural, who also owns Meadowlands Racetrack in East Rutherford, N.J., which just launched its retail FanDuel Sportsbook last Saturday.

The Other Most Important Stories of the Week in Sports Betting and U.S. Gaming

nj sports betting monmouth park sportsbook line shopping

THE MARKETPLACE: Meadowlands vs. Monmouth Park: It Pays to Shop Around [NJ OG]

MARCH MADNESS: Untold story of the craziest semi-legal NCAA tournament gambling contest ever [Penn Live]

PARTNERSHIPS: FanDuel Group teaming with GAN for casino and sports betting software in NJ [Biz Wire]

SAGA CONTINUES: Pennsylvania sports betting taxes so high legal bookmakers may shun state [Philly]

MIDWEST: Iowa regulators gear up for possible Iowa sports betting in ‘19 [Radio]

PROBABLE: Both SEC and Big 12 commissioners see injury reports as an inevitability [CBS]

HEY HEY VA: General Assembly could see efforts to allow sports gambling, official says [Pilot]

READY, SET, WAIT: Mississippi sports betting not quite ready yet [Advocate]


Stories of Note in the Wider World of Sports and Kinda Sports.

EXPLOITATION: Four reasons taxpayers should never subsidize stadiums [Bloomberg]

REINVENTIONS: Ranking the 15 talents to most successfully leave ESPN since 2000 [TBL]

NOSTALGIA: For one last night, make it a Blockbuster night [Ringer]

DEBACLE: NFL, players agree to temporarily halt enforcement of anthem protest rules [NPR]


Quote of the Week:

Philadelphia Eagles lineman Jason Kelce on the difference between the Vikings’ and Patriots’ defenses during their Super Bowl run:

“The last defense we had seen was Minnesota’s, and we were like, ‘These dudes have got some players.’ Then we see [the Patriots] and we’re like, ‘These dudes have got some . . . coaches.’ ”


Tweets/Videos of Note:

 

 

ICYMI at Sports Handle:

Players’ Claim of ‘Serious Consequences’ of Sports Betting Is A Hail Mary

MLB Commish Rob Manfred Touts Virtues of Wagering, Addresses Sports Bettings Laws

Football Contests of Old Helped Create Today’s Massive Sports Betting Popularity

The post Get a Grip: Week in Sports Betting and Sports: New Jersey, DraftKings Sportsbook appeared first on SportsHandle.

Another Wave of Casinos Apply to Join New Jersey Sports Betting Picture

The post Another Wave of Casinos Apply to Join New Jersey Sports Betting Picture appeared first on SportsHandle.
Wary of getting stuck on the sidelines for football season’s kickoff, five new applications arrived on Monday for a New Jersey sports betting license.
According to the Associated Press, the state’s Division of Gaming Enforcement (DGE) received two applications for brick-and-mortar licenses and three for mobile sports wagering before a Monday deadline. DGE Director David Rebuck previously announced a deadline in connection with football season to allow state regulators enough time to evaluate applications.
While the DGE did not identify the applicants, CDC Gaming Reports has learned that the applications came from Caesars Entertainment — to offer retail wagering at Harrah’s and Bally’s in Atlantic City. In addition, Ceasars applied for licensed to offer mobile sports wagering at all three of its Atlantic City properties, the other being Caesars Atlantic City, which would be “serviced” by the adjacent Bally’s. The other identified applicant is Golden Nugget, which applied for both retail and mobile wagering.
New Jersey Sports Betting Scene Set to Add Ceasars Entertainment Properties, Golden Nugget Atlantic City, All Looking to Get Up and Running Before Football Season
nj sportsbook at harrahs and other caesars properties for atlantic city new jersey sports betting
The remaining applicants likely came from a pool of Hard Rock Atlantic City (seeking to partner in some way with bet365), Tropicana, Resorts Casino or Freehold Raceway.
“I fully expect that by Aug. 1 we will see additional properties up and running,” Rebuck said.
The application fee for the sports wagering certificate is $100,000 and there’s a five-digit difference in tax rate on sports wagering revenue: revenue derived from in-person wagering is taxed by the state at 8.5 percent while mobile wagering faces a 13 percent tax.
We know a bit about the Golden Nugget’s sports betting plans. Shortly before the Supreme Court struck down the federal law allowing this sports betting land rush, Churchill Downs Incorporated and Golden Nugget Atlantic City announced a partnership to offer sports betting and online gaming markets.
Potential licensees yet to apply will not entirely miss the boat for the college football and NFL seasons: the DGE will just not make any promise to give a rubber stamp before kickoff or any week in particular.
So far in NJ sports betting, Monmouth Park and Ocean Resort Casino have sportsbooks up and running with operations managed by William Hill; also the Borgata, owned and operated by MGM, went live on June 14 like Monmouth Park. And this past Saturday, Meadowlands Racetrack in northern New Jersey cut a ribbon, introducing the first FanDuel Sportsbook.
[Also See: Odds Shift in Race for Operator Dominance in Legal U.S. Sports Betting Market]
Revenue for operators and the state so far has been pretty good. Through just 17 days of operations in June Monmouth and Borgata plus three days at Ocean, the total handle registered $16.4 million with a $3.5M win by the books (on a cash basis that counts futures wagers as revenue at the time of the wager), with $293,000 revenue yielded by the state. The FanDuel Sportsbook at Meadowlands, pricing controversy aside at its debut, saw over $1 million in wagers in its first weekend.
So far no facility has rolled out mobile wagering, but that is expected to happen in the coming days.
The post Another Wave of Casinos Apply to Join New Jersey Sports Betting Picture appeared first on SportsHandle.

FanDuel Sportsbook Launch is Another Legal Sports Betting Milestone

The post FanDuel Sportsbook Launch Marks Another Legal Sports Betting Milestone appeared first on SportsHandle.
The metamorphosis from daily fantasy to sports betting operator became complete on Saturday when the FanDuel Sportsbook launched at Meadowlands Racetrack in East Rutherford, New Jersey, on the same premises as MetLife Stadium, home to the New York Giants and Jets. FanDuel will remain in the DFS business, but this new sports betting opportunity in the U.S. is much bigger with the vast majority of the market yet to be captured.
A nervous excitement pulsed through the recently-remodeled Victory Sports Bar & Club where 10 ticket windows were staffed by employees wearing collared shirts emblazoned with a FanDuel Sportsbook patch. Some of the employees at the New Jersey sportsbook are brand new hires who received about two weeks of intensive training prior to Saturday.
“I was actually able to sleep last night,” Meadowlands Racetrack General Manager Jason Settlemoir said before the facility opened. “The first thing I do in the morning is turn the TV on and I saw ‘FanDuel Sportsbook set to open’ up at Meadowlands Racetrack. When I came in it was everything I envisioned for this part of it, so I’m excited and ready to go.”
FanDuel Sportsbook Launches at Meadowlands Racetrack in East Rutherford, New Jersey On Same Grounds as Giants and Jets’ MetLife Stadium and Only 8 Miles From New York City

Executives and officials on hand for the occasion included Matthew King, appointed CEO of FanDuel in November 2017; also lawmakers Senator M. Teresa Ruiz (D-29th District), Senate President Pro Tempore, and Assembly Member Ralph Caputo (D-28th District), a co-sponsor of the bill that legalized sports wagering in the state.
These, and other officials, offered remarks from a podium at the front of the house about an hour before the sportsbook opened to the public.
“We have a great opportunity here in the State of New Jersey to preserve and create jobs and provide dollars for vital programs that our citizens needs,” Caputo said from the lectern. “This is an economic shot in the arm. And this will be ongoing revenue — not a one shot deal.”
The deal began exactly one month ago on June 14 when Monmouth Park in Oceanport, N.J. became the first sportsbook to open, under the direction of operator William Hill. The MGM-owned Borgata began taking bets shortly thereafter in Atlantic City. Together those two properties (with some help from three days of wagering at Ocean Resort, also operated by William Hill), generated $3.4 million in gross revenue (on a cash basis accounting method). New Jersey collected $293,000 for the state.
This all comes after New Jersey won its Supreme Court case Murphy v NCAA in May against the NCAA and major pro sports leagues. The two parties together had blocked efforts to legalize for a decade under the now-extinct federal law banning sports wagering outside Nevada, the Professional and Amateur Sports Protection Act (PASPA).
“[Legal sports betting] is going to make something that’s been in the shadows and taking place illegally, and make it legal,” said Meadowlands Racetrack Chairman Jeff Gural.

Resources and Training From Paddy Power Betfair, and Their Selection as a Partner

The Meadowland has been preparing for this moment for a while. So has FanDuel, whose acquisition by the powerful Ireland-based bookmaker Paddy Power Betfair (PPB) was completed just this past week.
PPB has been instrumental in preparing the FanDuel Sportsbook for launch but FanDuel serves as the face of the collective operation. The abundance of signage around the property makes that clear. The sportsbook will be undergoing an expansion and remodeling before football season that will increase the number of ticket windows, televisions and more.
“The betting software is good, it’s simple, quick and accurate,” one ticket writer said. “I like it. “ But no doubt there are some jitters. One employee who booked a $500 wager was “almost shaking,” he told a colleague.
“We’re leveraging the entire global resource base,” FanDuel CEO Matt King told Sports Handle, regarding the collaboration between FanDuel and PPB. “We have their expertise helping to build the mobile app. We’re also using their pricing and their risk-management. And what that means for fans is that we’re going to be able to offer more markets, more bet types than really anybody else out there.”
King is mindful that while the U.S. sports betting opportunity is tremendous, the competition for market share will be fierce. FanDuel beat fellow DFS giant DraftKings to the initial punch, but DraftKings is in the game too as they partnered with Resorts Casino in Atlantic City, which is expected to begin operations before football season.
“This is going to be a very competitive market,” King said. “We think that we’re in a great position because The FanDuel Group is the largest online gaming operator by almost a factor of two. And we think that’s an incredibly powerful position when coupled with the resources we have with Paddy Power behind us.”
Speaking of Paddy Power, there are questions around the industry about why U.S.-based sportsbook operators appear to be idling as European companies make inroads in the U.S. market.
“We put out a request for proposals and received seven or eight,” Gural said of their selection of PPB/FanDuel. “Mostly from abroad.” He said the process of choosing their partner, which has now formed the FanDuel Group, took about a month.

Engaging Clients and Fans Online and in Retail.

One patron at the sportsbook came from Philadelphia just to take in the scene. He didn’t realize until he got there that this was a FanDuel sportsbook.
“Oh really?” he asked. “I think it’s good business, especially in this area. You’d think that’s the logical step for [FanDuel]. They kind of made DFS legal, so once legalized, it’s easier for them jump into this.”
“I don’t even know what I’m wagering today,” said his friend, who hails from Garfield, about nine miles north of the Meadowlands in New Jersey. “I just want to see what the similarities are here to Las Vegas, see what the lines are like. I might play some World Cup.”
Another open question is how the leagues will embrace legal sports betting, or create distance from it. The leagues have been pushing for a controversial “integrity fee” or “royalty,” in which they would take a percentage off the top of all wagers booked legally in states that would grant them such a request. But so far no state has imposed such a cost upon its licensed operators.
The FanDuel Sportsbook at the Meadowlands is in a unique position given its proximity to an NFL stadium, MetLife. ESPN’s David Purdum reported that there has been talk about a shuttle between the stadium and the sportsbook.
“We’re deep in the conversation of how this is going to work on a number of fronts,” King said. “We’re looking forward to being great partners in and around the area.”
On the digital front, FanDuel — which has operated exclusively online until Saturday — is close to introducing its online sportsbook product and mobile app.
“We’re weeks away from launching,” King said. “Obviously it’s important we do that with the regulators, so we’ve had people furiously working on it for more than six months, and we’re getting very close.”
Mississippi sports betting and West Virginia sports betting will be next to move. Both states are preparing operators to open up shop before football season. FanDuel also secured a partnership The Greenbrier Resort in West Virginia, which is one the Mountain State’s five licensed properties gearing up.
The U.S sports betting opportunity is vast, and the opportunity and experience in each state and venue will be at least a little bit unique. And ever changing.
“Greenbrier will be a bit different because they don’t have a facility quite like this,” King said. “It will be interesting to see in a lot of casinos that don’t historically have sportsbooks, how we end up outfitting them and what’s the right retail experience. There’s also going to be additional technology like self-service betting terminals that will coming out. So you’re going to see an evolution of our retail format over time.”
Indeed, the evolution has only just begun.
The post FanDuel Sportsbook Launch Marks Another Legal Sports Betting Milestone appeared first on SportsHandle.

Get a Grip: Week in Sports Betting and Sports: New Jersey, FanDuel Sportsbook, Ohio

The post Get a Grip: Week in Sports Betting and Sports: New Jersey, FanDuel Sportsbook, Ohio 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,” rounding up top stories in sports betting and gaming, and the world of sports at large. You may have missed them, and they are worth reading. This is meant to be brief, so that’s it.
New Jersey Sports Betting Revenue Reports; FanDuel Sportsbook Set to Open at Meadowlands
meadowlands sports betting racetrack new york new jersey
Off the top rope: The results are in for the first month — rather, 17 days — of live NJ sports betting operations. The revenue reports are/will be different than those offered by Nevada regulators. Those reports record profits and losses based on an accrual method of accounting. For sports wagering in New Jersey, we’re looking at a cash method.
The main difference is that bettors’ wagers or “futures” bets, such as on the Super Bowl winner, or on anything not yet decided, gets counted as revenue when wagers are placed. Winning tickets will be deducted in the month in which they are redeemed.
Recall that the William Hill Race & Sportsbook at Monmouth Park in Oceanport took the first wager from Governor Phil Murphy at its June 14 launch (his bet on Germany to win the World Cup is a loser; he also bet on the New Jersey Devils to win the next Stanley Cup). The MGM-owned Borgata Race & Sportsbook within the hotel and spa in Atlantic City, opened up shop later that morning. William Hill is also operating the sportsbook at Ocean Resort Casino on the site of the former Revel. That sportsbook opened on June 28.
Here’s the gross revenue figures and other numbers of note (go here for further discussion)

  • Monmouth: $2,279,166
  • Borgata: $986,831
  • Ocean Resort: $192,671
  • Total revenue across all three: $3,458,688
  • Revenue derived strictly from all three from completed events (not futures): $1,203,700
  • Total gross hold percentage across all three, based on complete events results: 7.8 percent
  • Total gross handle across all three (including futures): $16,409,619
  • Tax derived by state of New Jersey (8.5 rate on in-person wagering): $293,863

Elsewhere, in the Northeast Corridor just a hop, skip or a black car from New York City, the FanDuel Sportsbook is set to open at The Meadowlands Racetrack on the same grounds as the home of the Giants and Jets, MetLife Stadium. Read all about what to expect and what it means right here.


The Other Most Important Stories of the Week in Sports Betting and U.S. Gaming

Quite a Headline: Gambling and drugs may be the cure for Connecticut’s ailing economy [CNBC]
Midwest: Even money says Colorado will take it slow and steady with sports betting [CPR]
States’ Rights: Federalism comes out as the winner in Murphy v NCAA [Reg Review]
Wishful Thinking: Here’s how sports gambling could become legal in Texas [Caller]
Everywhere, Man: Projecting when legal sports betting will arrive in 25 biggest U.S. cities [Action]
Silver Blues: NBA Commish Adam Silver on ‘integrity fees’: Not a point of progress [LSR]
Low Tax Rates Would Help:  New sports betting laws won’t stop illegal gambling [Herald]
Shuttle Bussing: Possible shuttle between MetLife and FanDuel Sportsbook? [Chalk]


Now in the Wider World of Sports:

pittsburgh steelers offensive line
Big Men: NFL offensive line rankings: All 32 team’s units entering 2018 [PFF]
Guts and Glory: Brandi Chastain on the Olympics and famous penalty kick [ESPN]
Los Angeles: LeBron James and Luke Walton have been texting, ignore the noise [TBL]
Broken System: Blake Snell snub may change the way MLB players selected to All-Star Game [SB Nation]
Betting Should Help: Fox’s NASCAR viewership dropped 19 percent from 2017, 29 percent from 2016 [AA]


Video of the Week:

Quote of the Week:

His quads are the size of my waist and whole upper body. I’ve never quite seen anything like it. I don’t often stare at another man’s legs, but in that case, you just can’t quite help it.
— Giants QB Eli Manning on running back and first round draft pick (No. 2 overall by NYG) Saquon Barkley‘s lower body. Audio here:

Comment Section of the Week:

The post Get a Grip: Week in Sports Betting and Sports: New Jersey, FanDuel Sportsbook, Ohio appeared first on SportsHandle.

Three New Jersey Sportsbooks Collects $3.4M in First Half-Month

The post Three New Jersey Sportsbooks Collects $3.4M in First Half-Month appeared first on SportsHandle.
New Jersey sports betting went live on June 14 at Monmouth Park in Oceanport and at the MGM-owned Borgata Resort Casino in Atlantic City, and the first month of operations has shown that the state’s costly fight for legal sports betting will be well worth with it.
The New Jersey Division of Gaming Enforcement on Thursday released the first batch of sports betting revenue figures, which are based on a cash method of accounting, not on an accrual method as in Nevada, showing the three separate locations operating in June took in a collective $3,458,688, producing $293,863 in tax revenue for the state of New Jersey. That’s based on a total handle of $16.4 million across the same properties.
Those figures come with an 8.5 percent tax rate. Mobile sports wagering tax rate is 13 percent, which is likely to begin at a few properties set to roll out their apps/online platforms in the coming weeks. Anyone in state can set up an account remotely and deposit without having to register in person at a licensee.
New Jersey Sports Betting Numbers and Handle From First Weeks of Live Operations Show Big Win.
nj sports betting numbers handle for june from monmouth park sportsbook
Keep in mind the $3.4 million is based on a cash method of accounting, which counts as revenue wagers on futures events such as the World Cup and Super Bowl winner.
According to the DGE, “$1.2 million in gross revenue was reported from Completed Events, which approximates accrual basis revenue that can be compared to the win reported of Nevada casinos.”
The total handle across the three locations was $16.4 million. 
Here’s more of the breakdown:

Also keep in mind that Ocean Resort, a property formerly known as Revel, only opened on June 28, meaning it produced its handle and hold in three days.
People had a nice time betting on baseball! It represents $10.1 million of the $16.4 million in handle:

Further consider that mobile wagering has not yet begun, which will be coming soon through William Hill and the Borgata. Sources say that the MGM-owned Borgata’s mobile app will be introduced next week.
These numbers are pretty, pretty good, considering only baseball and soccer events (with some other events such as UFC 226) were occurring during this half-month stretch.
Welcome to the game, New Jersey, and Garden State sports bettors.
This is story is developing and will be updated.
[Also See: What to Expect at the Meadowlands’ FanDuel Sportsbook Launch]
The post Three New Jersey Sportsbooks Collects $3.4M in First Half-Month appeared first on SportsHandle.

What to Expect at the Meadowlands’ FanDuel Sportsbook Launch

The post What to Expect at the Meadowlands’ FanDuel Sportsbook Launch appeared first on SportsHandle.
The New Jersey sports betting scene will gain a new player Saturday morning when the Meadowlands Racetrack in East Rutherford, N.J., introduces the FanDuel Sportsbook at Victory Sports Bar & Club in a soft launch.
The sportsbook will open at 9:30 a.m. for dignitaries and then to the general public at 11 a.m. “There will be 27 television screens and 10 sports betting stations,” FanDuel spokesman Kevin Hennessey said in an email Tuesday. “It features high-top tables, a VIP area, leaning rails, bar stools, sofas, and dining chairs.”
Patrons will be able to wager on baseball, bet futures and proposition wagers on football, wager on Wimbledon and on the World Cup finals taking place on Sunday night between France and the winner of Wednesday’s England-Croatia match. The sportsbook’s opening is significant for a number of reasons, especially those related to geography.
FanDuel Sportsbook Will Launch at Meadowlands Racetrack as New Jersey Sports Betting Scene Plants a Flag a Short Trip From New York.

the fanduel sportsbook's victory sports bar and club
Inside the Victory Sports Bar & Club.

Before we go into geography, one major milestone here is the official introduction of a heretofore daily fantasy sports operator into the legal U.S. sports betting market.
Either the 1B or 1A to DraftKings in the daily fantasy business, while DraftKings has also landed a couple partnerships, FanDuel’s foray will come first.
Tuesday, Meadowlands COO/general manager Jason Settlemoir confirmed in a conversation with Sports Handle that is indeed the FanDuel Sportsbook — and will not be branded in any way by the powerful Ireland-based bookmaker Paddy Power Betfair (PPB, or Betfair US), which in May announced its (pending) acquisition of FanDuel and the combining of their operations.
“There will be 10 towers or windows with live tellers for sports betting, plus spots for parimutuel horse racing,” Settlemoir said of the physical setup of the facility, which is temporary for now and will expand by the end of August. “And two self-service terminals in there for parimutuel as well,” he added.
Settlemoir would not speak to PPB’s and FanDuel’s discussions on branding, but noted PPB’s sizable investment in FanDuel and of the company’s value.
“From an operator standpoint,  the FanDuel name is totally recognizable within sports to people here in the United States,” he said.

Proximity to New York City — and Proximity to an NFL Stadium in the U.S. Unlike Ever Before.

As for geography, the Meadowlands is located in a very advantageous spot in the swamps of Jersey.
“We’re only eight miles away [from midtown Manhattan], and that really makes us, at this point in time, the only game in the area where you can make a legal sports bet,” Settlemoir said. “This is exciting and a welcome opportunity for us here.”
Previously, Jeff Gural, chairman of New Meadowlands Racetrack LLC and Tioga Downs LLC, expressed his thrill with the New York legislature’s failure to pass a bill legalizing sports wagering before the close of its session on June 20.
“New York did me such a favor by not passing sports betting,” Gural told the Associated Press in June. “That leaves me the entirety of New York City, Long Island, Westchester County. There are 15 million people that live within 20 miles (32 kilometers) of the Meadowlands. They gave me a tremendous gift.”
As as a result, the Meadowlands will stand alone in the highly-populated area at least through the football seasons and likely through March Madness in 2019.
Also in the Meadowlands’ backyard — literally — is MetLife Stadium, home of the New York Giants and New York Jets, roughly 0.4 miles away.
Another twist is that barring any oversight here, New Jersey will become the first state in which sports wagering is legal to host a regular season NFL game. While the Oakland and to-be Las Vegas Raiders have broken ground on their Nevada stadium, the Raiders will play at least one more season in California.
 

fanduel sportsbook at the meadowlands racetrack location
Alternatively, about a 9-minute walk.

For our younger and/or non-northeastern readers, MetLife Stadium was formerly Giants Stadium and briefly the New Meadowlands Stadium when it opened in 2010. Both the stadium and the Meadowlands Racetrack are part of The Meadowlands Sports Complex.
As recently as December 2017, the NFL argued publicly and in the United States Supreme Court that sports wagering was a threat to the integrity of, and a scourge on their game. Meanwhile the league also held regular season contests in London, where there’s sports betting kiosks on nearly every street corner.
The NFL has since “evolved” on sports betting, put simply. Will the Giants and Jets get the league’s blessing to allow advertising of or to promote the Meadowlands sportsbook at their games?
[Also See: What Happens When Everyone Bets the Home Team?]
Promotions or events would make a lot of sense, maybe informational booths during tailgating parties or game day giveaways. Settlemoir indicated that the Meadowlands is not ready to make any such announcements on that front.
“Mr. Gural and the FanDuel and Betfair personnel management have a great relationship with the guys at the stadium,” he said. “And they’re currently working with the Jets and Giants ownership, and we’ll have to see how that goes, and where we go from here.”

How the FanDuel Sportsbook Will Grow.

First of all, Meadowlands/FanDuel-branded mobile sports wagering is in works. As of July 11, as permitted by the enabling legislation signed by Governor Phil Murphy, any licensed operator may allow mobile betting. So far, none are prepared to do so, which may just mean that the Division of Gaming Enforcement (DGE) has not signed off on their software.
“We’re looking to try to roll that out by football season,” Settlemoir said.
Once it’s live, anyone located in the state — even temporarily, hey New Yorkers — will be able to establish an account deposit remotely via the app or online, based on our understanding of New Jersey’s bill.
And the FanDuel physical sportsbook space will expand as well.
“We’re still working on the exact square footage but it will have a much larger footprint by NFL season,” Hennessy explained. “We have plans for 65 television screens and 15 sports betting stations, making the retail location the ideal place to place bets for the upcoming NFL season and for the MLB playoffs. “
It’s not all about sports betting at the Meadowlands, though. They recognize sports betting as a distinct opportunity, but also one to introduce a new and probably younger crowd to harness or horse racing.
As for numbers, the facility is expecting big crowd on a Saturday that coincides with Meadowlands Pace Night — one of the biggest racing nights on the calendar, which Settlemoir says typically draws about 12,000-15,000 visitors.
“Hopefully the sportsbook will be able to help the horse racing side as well, exposing a completely different demographic,” he said. “People that bet sports coming here and being able to see horse racing, and hopefully we’ll see some crossover.”
The post What to Expect at the Meadowlands’ FanDuel Sportsbook Launch appeared first on SportsHandle.