The competition for market share in one of the biggest sports betting sectors in the US is heating up, and a home-grown operator is upping the stakes in the Garden State.
FanDuel Sportsbook has announced that they will be opening another retail betting venue in New Jersey, this time, through an expansion to their partnership with Twin River Holdings. Twin River is based in Rhode Island but owns a number of casino properties in other states and is due to pick up a significant stake in New Jersey with the purchase of Ballys in Atlantic City. That casino is likely to be the base for FanDuel’s second sports betting operation in New Jersey.
Initially, the sportsbook will be a temporary site, located on the first floor at the casino, which is in a strong location on the Atlantic City Boardwalk, but according to FanDuel, they hope to have a permanent sports betting facility ready to launch by next spring.
The deal with Twin River means that FanDuel will have a retail presence in the south and the north of New Jersey, expanding its foothold in the state. The sports betting operators are already responsible for the biggest retail book in the state, at The Meadowlands.
The news of the FanDuel and Twin River collaboration also represents an expansion of their already existing relationship. The two companies have a deal in the state of Colorado that sees FanDuel operate a retail sportsbook and mobile betting platform through the twin River license in that state.
Speaking about the deal, the President and CEO at Twin River Worldwide Holdings, George Papanier, said that they were thrilled to be working with FanDuel in a major betting market. For their part, the CEO of FanDuel Group, Matt King, said that they were keen to get started:
“The FanDuel Sportsbook is the clear market leader in New Jersey, and we are excited to expand our retail footprint in the state to include Atlantic City.”
According to Papanier, the sports betting facility at Bally’s will be one of a number of changes that they are planning to bring to the location, which is close to the main boardwalk of a city known as one of the world’s biggest gambling hubs. It is expected that in addition to the retail sportsbook, there will be an online betting platform, which may also include a Bally’s-themed online casino site.
Bally’s is the third oldest casino in the city, having opened originally in 1979 and is one of ten casinos in Atlantic City. Following the launch of sports betting in the state, which was legalized by the 2018 Supreme Court PASPA decision – in which New Jersey played a key role – there had been widespread concerns about the impact that sports betting outside of the state’s traditional gambling center could have on the sector. Those fears appeared to have eased thanks to the deals struck between sports betting companies and land-based casinos.
Meanwhile, the sports betting sector continues to thrive in the state. September’s figures showed that the industry had hit a new record, taking wagers totaling $748 million as sports betting fans enjoyed the return of the NFL and the further easing of COVID-19 restrictions.
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