New Jersey’s latest addition
FanDuel is all set to capitalize on March Madness in New Jersey’s gambling capital after the launch of its new retail sportsbook at Bally’s Atlantic City Hotel & Casino, owned by Bally’s Corporation.
LED screens and a 25-foot-wide video wall
The US-based sports betting company announced the grand opening in a statement on Monday. The sportsbook features multiple betting kiosks powered by IGT’s PlaySports platform, in addition to a number of LED screens and a 25-foot-wide video wall. Bettors can wager on all major US sports, including football, basketball, and baseball.
This is FanDuel’s second retail sportsbook in New Jersey, with the company’s first offering located at the Meadowlands Racetrack. It represents the operator’s 15th retail sportsbook launch in the US.
Andrew Kleiman, senior director of operations for FanDuel, described the company as “privileged to partner with Bally’s Corporation.”
“We look forward to a successful future with our new partner and community,” he commented.
Teaming up in Atlantic City
Bally’s Corporation, formerly known as Twin Rivers Worldwide Holdings, first partnered with FanDuel in May 2020 for the launch of an online and mobile sportsbook in Colorado.
In October, FanDuel announced its intention to extend this partnership into New Jersey through Bally’s Atlantic City Hotel & Casino. This plan, however, rested on the completion of Bally’s acquisition of the property from Caesars. Bally’s finalized the deal in November for a total of $25m, paving the way for FanDuel’s entry.
After the launch of FanDuel’s new offering, all nine of Atlantic City’s land-based casinos now boast on-site sportsbooks. It represents Bally’s fifth retail sportsbook opening in the past two years. In addition to New Jersey, the company also offers sports betting in Rhode Island, Colorado, Delaware, and Mississippi.
Meanwhile for FanDuel, the addition of its second New Jersey offering comes at a vital time. The company’s owner, Flutter Entertainment, is currently considering taking it public. Flutter confirmed the rumors this weekend, but has not yet made a decision.
Capacity limits set to ease
In its statement announcing the launch, FanDuel said its sportsbook had arrived “just in time for the madness of college basketball to begin,” with March Madness set to start this Thursday. There is another reason for FanDuel to begin operations this week, though, as New Jersey’s casino capacity restrictions will ease on Friday.
Following an announcement by Governor Phil Murphy last week, New Jersey casinos can increase capacity from 35% to 50% at 6am on March 19. Although cases of COVID-19 in the state are still high, Gov. Murphy pointed to a drop in hospitalization rates in his reasoning for the decision.
state gaming revenue down 17% to $2.88bn in 2020
The decision could not come soon enough for New Jersey’s casinos, with state gaming revenue down 17% to $2.88bn in 2020. That said, the Garden State saw some of the country’s highest sports betting figures. Handle surpassed $6bn for the year, an increase of 31% from 2019’s total. Retail sportsbooks took only 6% of this, however, with online wagering dominating throughout the year.