Paddy Power Betfair is forecasting gross revenue for its New Jersey sportsbook, FanDuel, of $30m in the first quarter.
That doubles their gross revenues for the 4th quarter of last year. It is also indicative of the sharp growth rate of sports betting in New Jersey right now
The gambling company also stated that Paddy Power’s initial cross-sell to Betfair Casino had been “very encouraging”.
It is already contributing to accelerated casino growth. So much so, in fact, it elevated Belfair’s online casino market share to 15 percent in February.
The group held an investor day on its US operator, the FanDuel Group of New Jersey. This was to outline what it says is the opportunity to create “substantial long-term value in the expanding US market”.
In addition to the increased gross revenues being forecast for FanDuel in the first quarter, Paddy Power highlighted other successes.
FanDuel has accounted for 46 percent of Paddy Power Betfair sportsbook handle to date.
It has established an online sportsbook customer base of over 100,000.
In addition, it has also helped establish Meadowlands as the “marquee venue for retail sports betting in New Jersey”.
FanDuel and fellow NJ Daily Sports Fantasy giant DraftKings have dominated the New Jersey sportsbook market since inception.
DraftKings led the market for the first six or seven months, but a surge by FanDuel in February saw it overtake DraftKings.
