Sports Betting Market In New Jersey Expands With Playtech

Playtech, a top gambling software company, has received a transactional waiver that gives them the approval to enter the New Jersey online sports betting and casino markets.
Playtech will initially be partnered with bet365 and Hard Rock Atlantic City but plans to expand to more operators in the future.
Initially, the company will only be offering its online casino gaming products but it plans to launch online sports betting by the end of 2020 (likely before the NFL season kicks off).
New Jersey is easily the safest and most lucrative online sports betting market in the country.

TRENTON, N.J. – Playtech has been granted access to the New Jersey sports betting market and aims to launch its first sports betting product later this year.

Playtech received transactional waivers to work with both bet365 and with the Hard Rock Atlantic City Casino, but it could look to expand to work with other New Jersey operators in the coming years.

Bet365 is one of Playtech’s top global partners, so it isn’t surprising to see them working hand-in-hand in the lucrative New Jersey online gambling market.

The company will also be launching a full online casino to go with its new sports betting product, as New Jersey is one of just four states with legal online casino gambling. The company has an extensive track record of online casino gaming but only recently launched its online sports betting software.

The Financial Landscape Of New Jersey Online Sports Betting

Despite the widespread shutdown of major sports leagues around the world, New Jersey has continued to see a decent monthly sports betting handle in large part because of the ubiquity of online sports betting.

In April, New Jersey sports betting operators handled $54.6 million in sports wagers and earned $2.6 million in revenue.

In the 12 months prior to the start of the coronavirus pandemic, New Jersey averaged $436 million in betting handle and $29.4 million in sports betting revenue per month.

Online betting accounts for nearly 90% of total sports betting action, so for Playtech, the lion’s share of a lucrative betting market is at stake.

The largest monthly betting handle and revenue numbers come during the NFL regular season and playoffs, from September to February.

If Playtech wants to see a successful launch of their sports betting products in 2020, they will likely need to launch by late August.

However, iGaming can also help support the company. Overall, April iGaming revenues in New Jersey increased by 119% year-over-year.

Even if the late August launch date isn’t feasible, Playtech should see plenty of success from its normal online casino products, even during the pandemic.

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Carter Floyd

With a dual background in English and sports performance and business analytics, Carter aims to write stories that both engage and inform the reader. He prides himself on his ability to interweave empirical data and traditional narrative storytelling. When he isn’t keeping readers up to date on the latest sports betting legal news, he’s banging his head against a wall regretting his decision to be a Tampa Bay Buccaneers fan.