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The sports betting revenue soars with introduction of online bets

The sports betting revenue soars with introduction of online bets

Online sports betting has changed the paradigm of sports wagering completely. Online betting accounts for more than two-thirds or more of total activity in regulated markets and reports reveal that the revenues of sports betting market has surged considerably.

The August revenues of New Jersey, that has recently legalized sports wagering in the state, shows that online betting is a promising and a lucrative market in the United States.

Online sports bet accounted for just over a third of New Jersey's total sports betting revenue in August and the revenues of three brands including DraftKings, playMGM and SugarHouse showed that online bettors are anxious to invest in sports wagering.

"Online sports wagering appears more substantial an opportunity. Forecasts suggest it," CEO of GAN plc, Dermot Smurfit, a gambling technology provider quoted.

"The trends are completely different than those of 2013. This time the forecasts suggest optimistic growth. Online sports wagering revenues will equal or eclipse retail sports betting revenues in September."

DraftKings led all NewJersey online sports books in August with $2.9 million in total revenues. The company was first of its kind when it launched an online sports book in New Jersey on August 1 and launched it fully on August 6.

With the NFL and college football both on the cards, online sportsbooks from seven brands and counting and retail sportsbooks finding their footing across the state, September will be a month to watch out for in the regulated sports betting market of NJ.