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Recent statistics released by both New Jersey and Pennsylvania point to strong growth in sportsbook activity even outside of peak football season gambling.
Per PlayNJ, the NCAA Tournament sparked over $1.1 billion in wagers at New Jersey’s online and retail sportsbooks, setting a state record for revenue. The gains come despite growing legalization efforts across the nation that stand to increase competition for the state.
“Increased competition from New Jersey’s neighbors is inevitably going to affect the state’s sportsbooks, but it continues only to be at the margins,” PlayNJ analyst David Danzis said in a press release. “The state’s own bettors have proven a powerful force on their own.”
One such neighbor was Pennsylvania, which saw record revenue in its own right stemming from the college basketball tournament.
“March couldn’t have gone any better for Pennsylvania’s gaming industry,” Katie Kohler, lead analyst for PlayPennsylvania.com, said in a statement citing 27.6% growth in wagers from a year prior and a 19.7% bump from February.
With online gambling leading the way for growth in each state, FanDuel/Flutter Entertainment (OTCPK:PDYPY) has been a big winner. DraftKings (DKNG), MGM Resorts International’s BetMGM (MGM), and Penn National Gaming’s (PENN) were also cited as key players amid the progressing popularity across locales.
Many more states are yet to release data from March Madness betting.
Other stocks that touch sports betting directly or indirectly include PlayAGS (AGS), Kindred Group (OTC:KNDGF), Wynn Resorts (WYNN), Gambling.com Group (GAMB), Inspired Entertainment (INSE), Bally's (BALY), Everi Holdings (EVRI), International Game Technology (IGT), Entain Plc (OTCPK:GMVHF), Boyd Gaming (BYD), Evolution Gaming (OTCPK:EVVTY), Churchill Downs (CHDN), Scientific Games (SGMS), 888 Holdings (OTCPK:EIHDF), Playtech (OTC:PYTCF), Caesars Entertainment (CZR), Genius Sports Limited (GENI), Esports Entertainment Group (GMBL), Golden Nugget Online Gaming (GNOG), PointsBet Holdings (OTCQX:PBTHF), Sportradar Group (SRAD), GAN Limited (GAN), fuboTV (FUBO), Rush Street Interactive (RSI), Esports Technologies (EBET), Elys Game Technology (ELYS), Full House Resorts (FLL), Skillz (SKLZ), Golden Matrix Group (GMGI), Bragg Gaming Group (BRAG) and Paysafe (PSFE).
Read more about the competition from Canada as Ontario authorizes sports gambling.