FanDuel Has Become the Leading Sports Betting Operator in New Jersey
The NCAA Division I Men’s Basketball Tournament, also known and branded as NCAA March Madness, proved to be very lucrative for sports betting operators across the United States.
In New Jersey, one of the first states to make this activity legal following the decision of the U.S. Supreme Court to repeal PASPA, many operators enjoyed additional bonuses.
Great Results in March
Two of the industry’s biggest names, FanDuel and DraftKings, can be more than satisfied with their results, especially FanDuel, who grabbed a larger piece of the sports betting pie. According to available information, March Madness helped FanDuel take the lead in the market, and it looks like others will need to give their best to keep up with the renowned operator.
DraftKings had a starting advantage, as it was the first to offer sports betting in the Garden State, launching its operations back in August last year. FanDuel entered the market a month later, and by the end of the year, the two sides were at an equal level.
In the first three months that both operators were live, DraftKings had much better results, generating a little over $20 million in revenue.
On the other hand, FanDuel managed to record $8 million. However, this substantial lead was cut in December and January, as FanDuel’s numbers grew. By the time January came to an end, DraftKing’s lead was less than $1 million, suggesting FanDuel had impressive figures during that period.
A Fantastic Achievement
FanDuel has not only made a comeback, but it has also taken the lead now. After a successful February, where FanDuel’s sportsbook operations earned $6.86 million and DraftKings only grabbed $3.72 million, the sportsbook operator has ended March with revenue $13.22 million. Since DraftKings ended the same period with $7.28 million in revenue, FanDuel has become the leading sports betting operator in New Jersey!
This is a remarkable achievement for FanDuel, especially since it wasn’t the first operator to offer sports betting to customers in New Jersey. Its sportsbook, located at the Meadowlands Racetrack, has a geographical advantage, as there are no other facilities within a 50-mile radius. But more than that, it is the closest sportsbook to New York City, where sports betting hasn’t been made legal yet.
DraftKings made a decision to launch its sports betting efforts in Atlantic City, which was a somewhat unusual move, as the competition in AC is stiff. Another important factor is the fact the operator’s sportsbook is located at Resorts Atlantic City, which is the worst performing venue in the city since the beginning of the year.
It is obvious the market is too competitive.
FanDuel now needs to keep the leading position, which shouldn’t be an impossible task. The most important thing is not to let down its guard. According to recent surveys, FanDuel has a better mobile interface than its rivals, while the operator’s PR department is doing one heck of a job. One thing is certain: DraftKings will surely give their best to try and retake the top spot in New Jersey.