New Jersey’s 5 licensed sports-betting operators shared $3.8 million in total revenue during the month of July, the slowest month on the sporting calendar. The FanDuel branded sportsbook at the Meadowlands generated more revenue ($1.3 million, 34%) than any other NJ sportsbook, despite having only been open for 17 days; Ocean Resort Casino was the only other sportsbook in the state to clear $1 million for the month. It should be noted that Monmouth Park, which generated the most revenue during the month of June, experienced a -60% MoM decline in sports betting revenue as the competition has stiffened (see: Meadowlands, DraftKings).
Howie Long-Short: FanDuel took in more revenue than anyone else in July, but that’s unlikely to be the case in August now that the competition is armed with a mobile app. FanDuel hopes to have their mobile sportsbook (website & mobile app) operational in time for the start of football season. Last month it was announced that FanDuel’s sports betting software will be powered by GAN, a B2B gaming software supplier; IGT technology will continue to power the FanDuel sportsbook at the Meadowlands.
It’s curious that DraftKings is the only sportsbook to have released (on Aug. 1) a mobile sports betting application (outside NV) to date. That will change this fall when MGM Resorts International (playMGM), Caesars Entertainment (Caesers Casino & Sports app) and Resorts Atlantic City introduce their mobile sportsbooks within the state.
West Virginia is getting closer to introducing legalized sports betting and when they do, FanDuel will be a part of it; the company (along with Penn National) was awarded one of the state’s first 2 sports betting permits. FanDuel intends on offering retail, online and mobile sports betting at The Greenbrier.
As for Paddy Power Betfair (PDYPY), the company recently reported a +5% rise in H1 revenue as both its online gaming and sports verticals experienced double-digit growth in Q2 (on albeit soft comps). It wasn’t enough to please investors, shares are down -14% from the close on August 7th (earnings were released on 8th).
Fan Marino: 4 FanDuel’s founders (including former CEO Nigel Eccles) have filed a $120 million lawsuit against the company for “unfair prejudicial conduct” after failing to profit on its $465 million merger with Paddy Power Betfair; a deal that delivered no value to ordinary shareholders (held by most employees), but +/- $30 million to 6 current C-Level executives. Sounds fair.
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