Although the first Super Bowl Sunday was a long-anticipated event in the world of NJ sports betting, it did not come bearing gifts for NJ sportsbooks. New Jersey sports betting players, on the other hand, won big this Sunday.
The New Jersey Division of Gaming Enforcement revealed a tough pill to swallow as New Jersey sports betting operators lost $4.5 million in one single day. All in all, bettors wagered $34,894,900 on the Patriots-Rams game, and sportsbooks paid out a total of $39,469,147 to those to the sports betting winners. Not a bad payday for many bettors.
FanDuel Sportsbook, DraftKings Sportsbook Suffer Most In Patriots Win
There was a lot riding on the game this Sunday for many. Not only were the Patriots favorites for serious bettors across all states, but New Jersey’s location is close to New England, opening up some potential favoritism in NJ bets.
The Patriots’ victory ended up taking a toll on the revenue for most of the top New Jersey sportsbooks. FanDuel Sportsbook took the biggest hit, losing $5 million overall, and the company’s special Super Bowl promotions had a lot to do with that amount.
DraftKings Sportsbook came out of the game with $1 million less than when they went into it. A small break was that DK Sportsbook had moneyline tickets evenly split between the two teams. In total, DraftKings paid out $11 million to bettors.
The impact of New Jersey’s location had on winnings becomes evident when we take a look at William Hill. The William Hill Sportsbook in Nevada managed to get out of Super Bowl Sunday a winner, even if only a small one. Meanwhile, on the east coast, William Hill in New Jersey couldn’t avoid an inevitable loss.
FanDuel Sportsbook $5 Million Loss Only A Small Setback
FanDuel Sportsbook is the word on everyone’s mouth this week. The company dominates the headlines due to its $5 million loss on the unfortunate score of Sunday’s game. It seems the FanDuel Sportsbook app promotion took a chunk out of the company, as well as the fact that the Patriots accounted for 90% of the money placed for those who bet on the spread. It appears many sports bettors jumped at the offer to sign up and take advantage of FanDuel’s 53-1 odds, which a person can wager up to $5.
This may be the biggest single-day loss the NJ sports betting market has known so far, but FanDuel is far from discouraged. The FanDuel app has been at the top of the ranks for months and has gained even stronger momentum after the launch of the FanDuel Sportsbook at Meadowlands Racetrack. The $5 million loss on Sunday is a setback, sure, but hardly one that will impact FanDuel’s future performance on the market.