{"id":139574,"date":"2020-06-23T11:45:25","date_gmt":"2020-06-23T18:45:25","guid":{"rendered":"https:\/\/www.casino.org\/news\/?p=139574"},"modified":"2020-06-23T13:38:19","modified_gmt":"2020-06-23T20:38:19","slug":"draftkings-is-going-online-with-a-casino-offering-in-new-jersey","status":"publish","type":"post","link":"https:\/\/www.casino.org\/news\/draftkings-is-going-online-with-a-casino-offering-in-new-jersey\/","title":{"rendered":"DraftKings Plants Seeds in the Garden State, as NJ Sport Calendar Remains Sparse"},"content":{"rendered":"

Fantasy sports leader DraftKings (NASDAQ:DKNG) is entering the online fray in New Jersey, as the US sports slate still isn’t close to being back from pre-coronavirus shutdown heights.<\/p>\n

\"\"
(Image: TimesofCasino)<\/figcaption><\/figure>\n

Currently, New Jersey and Pennsylvania are the only states permitting internet casinos. But that number is projected to grow as states are scrambling to plug budget gaps created by COVID-19. Data confirm business is booming.<\/p>\n

Last month, the return of NASCAR and UFC gave gamblers some US sports to focus on, while resumption of the PGA Tour earlier this month was a boon for DraftKings.<\/a> But sportsbook operators and their customers are still waiting for the NHL and NBA to resume play, and for Major League Baseball (MLB) to start its 2020 season.<\/p>\n

Seizing Growth Opportunities<\/h2>\n

DraftKings debuted as a public company on April 24. Since then, its stock more than doubled, with analysts’ swelling forecasts<\/a> for iGaming and sports betting being among the primary catalysts.<\/p>\n

\n

As Casino.org <\/i>recently reported, online slots in the Keystone State<\/a> raked in $1.06 billion last month, a more than $300 million jump from April. Internet table games posted a May handle of $778.5 million, up more than $150 million from the fourth month of the year. All that activity generated $24 million for state coffers, according to the Pennsylvania Gaming Control Board (PGCB).<\/p>\n<\/div>\n

DraftKings offers online sports wagering in both New Jersey and Pennsylvania, which are two of the biggest sports betting markets in the US.<\/p>\n

Converting Customers<\/h2>\n

A recent study by the International Journal of Mental Health and Addiction<\/i> confirms that during the coronavirus sports shutdown, many sports bettors didn’t turn to iGaming<\/a> as a replacement. That suggests the bulk of the revenue increases notched by online casino operators in April and May was likely derived from gamblers that would have otherwise gone to a land-based gaming venue. Still, there are opportunities for companies like DraftKings to convert customers from one form of wagering to another.<\/p>\n

A recent DraftKings-led study found that 70 percent of new DraftKings Casino customers place their first bet on DraftKings-branded games, further exemplifying the existing appetite and demand for a modernized customer experience,\u201d according to the company.<\/p><\/blockquote>\n

As more states approve internet slots and table games, operators with sports betting exposure will be looking to lure to those gamblers to sports, and vice versa.<\/p>\n","protected":false},"excerpt":{"rendered":"

Fantasy sports leader DraftKings (NASDAQ:DKNG) is entering the online fray in New Jersey, as the US sports slate still isn’t close to being back from pre-coronavirus shutdown heights. Currently, New Jersey and Pennsylvania are the only states permitting internet casinos. But that number is projected to grow as states are scrambling to plug budget gaps […]<\/p>\n","protected":false},"author":46,"featured_media":139612,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"footnotes":""},"categories":[19,1074],"tags":[],"acf":[],"yoast_head":"\nDraftKings Is Going Online With a Casino Offering in New Jersey<\/title>\n<meta name=\"description\" content=\"DraftKings is looking to supplement lost sports betting revenue in New Jersey with the debut of a new online casino app.\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.casino.org\/news\/draftkings-is-going-online-with-a-casino-offering-in-new-jersey\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"DraftKings Is Going 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