The US sports betting market continues its expansion, in some states the industry reports exorbitant profits and in others, the numbers are good but not what was expected, let’s analyze some of the most relevant cases in terms of legal betting in the USA.
It seems that the people of New Jersey have a voracious appetite for sports betting, according to the information revealed by the Gaming Enforcement Division, $260 million were bet on sports during October. The start of the NFL and NCAA Football seasons are the big responsible for this figure. New Jersey is the largest betting market currently, from mid-June to date bets are reported for almost $600 million and the Atlantic City casino industry has grown 16 percent in revenue. DraftKings is one of the big players in this market, giving a good lesson to casinos on how to handle sports betting with about $9 million in revenue during the month of October.
Unlike New Jersey, the sports betting industry of West Virginia is at a very early stage and with many difficulties, for example, the state only has one brick and mortar sportsbook, add to this a lack of good and reliable online and mobile betting options. Operators have handled almost $23 million in bets since August, but with some difficult weeks in the process; in fact, it was until the first week of November that operators achieved the $3 million mark on bets in a single week.
The market has a lot of potential and DraftKings is eager to serve West Virginia players with the best sportsbook services. That’s the reason why they filled all the paperwork in August to secure a license of Management of Services Provider, which allows DraftKings to partner with a local casino to offer sports betting services. All five West Virginia casinos are allowed to partner with up to three external brands, so it’s a matter of time for DraftKings to find a suitable partner.
The fate of sports bets for the sunshine state was resolved at the polls, with the ballot of Amendment 3 or Voter Control of Gambling in Florida. DraftKings opposed the ballot from the beginning, since they believe that the ballot and the possible result is detrimental to sports betting. The gambling industry in Florida has been a fight between several groups for many years, which has stalled the progress of sports betting in the state. With the result of the ballot it seems that the tribes of the state will gain total control over sports betting in Florida, the third most populated state in the USA and one of the largest potential markets for the gambling industry, so this might generate a series of tensions in other states.