SportsHandle and friends deliver another round-up of the week’s big developments in US sports betting.
Growing Pains, Learning Curve Testing New Sportsbook Operations
Growing pains and a steep learning curve are heavily impacting sportsbooks as sports betting continues to sweep the nation.
That’s according to industry insiders speaking to Sport Handle about national sports wagering’s current state of affairs. These sources are, as expected, are unable to authorize the use of their names because of their high-level positions in the emerging sportsbook business.
There’s lots at stake in the form of cash and prestige as the sports betting business slowly takes root on a state-by-state basis. As many predicted, betting handle figures are strong in the new markets now part of an endeavor that is likely to generate billions in sports betting action and subsequently many millions in profits.
Full story here.
New Jersey’s 2018 Sports Betting Handle Reached $1.25 Billion Handle
It was a down month in December, slightly, for the New Jersey sportsbooks in terms of overall betting handle and gross gaming revenue after a 2018 high of $330.7 million in November.
The December betting handle for the brick-and-mortar and online sportsbooks collectively reached $319,173,548 and gross gaming revenue across the books of $20.8 million, good for a 6.5 hold percentage, one-tenth higher than the 6.4 percent in November, when the sportsbooks collected a combined $21.2 million revenue.
Full story here.
Reality Check: New York State Is Years Away From Online Sports Betting
Supporters of online sports betting legalization in New York State are having a rough week.
A day after Governor Cuomo splashed some cold water on the idea of a fast-paced timeline, a state Assembly member introduced a bill that would establish a “task force” to evaluate how to implement some gambling in the state. The unpaid board would have until the end of 2020 to complete their report.
Full story here.
Pennsylvania Sports Betting Picks Up Steam With $16 Million Handle In December
Despite only supporting three land-based books in December, two of which were only open to the public for roughly half the month, Pennsylvania took in a tick over $16 million in sports betting handle.
As reported by the Pennsylvania Gaming Control Board, bettors from the Keystone State wagered a combined $16,173,090 across retail sportsbooks located at Hollywood Casino at Penn National, SugarHouse Casino, and Rivers Casino.
Full story here.
