DraftKings Hits Two Million Bets as Pace Quickens

DraftKings Hits Two Million Bets as Pace Quickens

DraftKings Sportsbook in New Jersey needed 38 days – most of them without competition - to amass its first million sports bets taken. Even with competitors MGM and SugarHouse online to theoretically siphon away business since late August, the fantasy sports purveyor reached two million wagers in just 14 days on Saturday, the company confirmed to Gambling.com.

As of 3 p.m. Monday, DraftKings had accepted 2,147,698 total bets.

The two millionth bet was placed at 10:02 p.m. on Saturday night in a $2 5-way parlay on NFL totals and spreads. Parker Winslow, a senior media associate at DraftKings, said the bet was placed with the company's mobile app.

“DraftKings Sportsbook eclipsed the two millionth bet milestone this past weekend, an achievement that is even more remarkable considering our platform has only been in the New Jersey market for 53 days," Jamie Shea, Head of Sportsbook Digital at DraftKings told Gambling.com. "Our first-to-market launch also could not have aligned more seamlessly with the sports calendar, particularly the return of the widely popular NFL and college football seasons, which have propelled us to steadily increase active customers to date and significantly surpass our initial performance projections.”

DraftKings exploited head start online

DraftKings had the online market alone on Aug. 1 after New Jersey legalized sports betting on June 1, but now is one of eight. DraftKings (Resorts Digital), SugarHouse (Golden Nugget) and playMGM (Borgata) are based out of physical locations but their online component has allowed them to flourish. The market grew more crowded in September with 888, Caesars, FanDuel, and William Hill launching.

According to a report from the New Jersey Division of Gaming Enforcement, “total gaming revenue” increased from $244.8 million in 2017 to $303.9 million this August.

More than $95 million was wagered in New Jersey sports books in August, with DraftKings, play MGM Sports and SugarHouse Sportsbook accounting for 22.7-percent of the total. According to the report, $21.7 million was bet online.

Online wagering continues to gain momentum

Sports wagering revenue registered $16.4 million, up from $7.2 million in July and $3.4 million in its augural month in June, suggesting the market continues to build its own momentum. The uptick appears to at least initially bolster the results of a survey commission by the American Gaming Association in which 33 percent of current bettors said they would be inclined to use a bookie less often and 38 percent switch completely to legal avenues if available.

The DraftKings launch was another facet of a boom in conjunction with the Supreme Court striking down the Protection of Amateur and Professional Sports Act of 1992 this May. An Oxford Economic report sponsored by the American Gaming Association stated that the industry contributed $261.1 billion dollars to the American economy in 2017 and supported 1.8 million jobs, both increases from the most recent study in 2014.

The opening of the NFL season on Sept. 6 figures to have also helped New Jersey's quicker attainment of a second major milestone.

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