DraftKings Wins Race to Become New Jersey’s First Online Sports Betting Site

August 8th, 2018 | by Jason Reynolds

Online sports betting is now available in New Jersey thanks to DraftKings and Atlantic City’s Resorts Casino Hotel.

DraftKings sports betting New Jersey.

DraftKings’s Matt Kalish has said that real money sports betting was in the pipeline for the past year. (Image: YouTube/WSOP)

According to DraftKings’ co-founder Matt Kalish, plans to offer sports betting have been in the pipeline for the last 12 months. Following the Supreme Court’s May ruling that the Professional and Amateur Sports Protection Act (PASPA) is unconstitutional, the daily fantasy site has been able to put its plans into practice.

From Fantasy Sports to Real Sports

Until its new features went live on August 6, DraftKings had only been able to offer fantasy betting pools within the Garden State. However, through its partnership with Resorts Casino Hotel, it can now offer pre-event and in-play wagers on a variety of sports including football, basketball and racing.

The innovation is likely to be the start of a new trend among licensed operators in New Jersey. Following the repeal of PASPA, Monmouth Park became the first venue in the state to accept sports bets.

Since then, operators have been racing to become the first online sports betting site in New Jersey. Prior to DraftKings receiving the first license from the Division of Gaming Enforcement (DGE), five applications were submitted to the regulator.

Although the DGE declined to list the interested companies, Caesars Entertainment confirmed that it had applied for two “in-person” licenses and one mobile license. Similarly, the Golden Nugget is interested in offering live and online sports betting.

New Jersey Betting Market Starts to Bloom

For DraftKings and its partner casino, being the first site to go live should provide an early advantage. As per the DGE’s July revenue report, $16 million was wagered on sports in the two weeks following its new regulations coming into force.

Beyond the Garden State, sports betting is starting to bloom across the US. MGM Resorts recently announced partnerships with software provider GVC Holdings as well as the NBA. William Hill is also making plans to open more outlets, starting with 11 new betting venues in Mississippi.

Although the US sports betting economy is in an embryonic stage, many operators and analysts were prepared for the recent legal changes. Ahead of PASPA’s demise, experts at Barclays predicted the industry would be worth $22 billion per annum.

With many of the leading casino brands now taking advantage of the legal shift, this projection may well become a reality over the next 12 months. For now, New Jersey continues to lead the way when it comes to online and offline betting innovations.

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