October 15th marks three months since the sports betting market kicked off in New Jersey. Now that the market has had some time to develop, meaningful data is being released. Recently, the New Jersey Division of Gaming Enforcement (DGE) released its latest set of data and sports betting is really starting to dominate the market. Further, than that, both DraftKings and FanDuel have emerged as the market leaders in New Jersey.
FanDuel and DraftKing have emerged as the market leaders in New Jersey’s growing sports betting market. The two companies have over a 60% market share, controlling over 90% of the online market between the two.
Sports Betting Market Explodes in September
The DGE has reported that September saw explosive growth in the sports betting market in New Jersey. This is thanks to several factors, including the start of the NFL season. As the NFL is the most bet upon sport in the USA, this also led to several new entrants to the market, hoping to cash in on the football season.
The figures from September were also the first figures to give us a proper idea on how the New Jersey market will perform. For most of August, FanDuel was the only company with an online presence for sports betting. In late August, MGM Play went live, but FanDuel had the online space to itself for most of the month.
FanDuel and DraftKings Establish Dominance in Market
The gross gaming revenue of sports betting in New Jersey grew to $24 million in September, with a total of $184 million in bets. Out of this, $104.9 million, or 56.5%, was placed through online portals. DraftKings currently holds a 35.4% market share, while FanDuel is sitting on 30%. Combined, FanDuel and DraftKings currently have around a 90% market share of the online sports betting market.
As we all know, FanDuel was bought by Paddy Power Betfair, as the British company wanted a recognized American brand to enter the market. DraftKings on the other hand, did not partner with an experienced sports book, only receiving technical assistance from the Kambi Group. Many believed DraftKings would struggle, but this has not turned out to be the case.