Paddy Power Betfair is forecasting sportsbook gross revenue of around $30m in the first quarter in New Jersey – double that of Q4 2018.
The firm also stated that its initial cross-sell to Betfair Casino has been “very encouraging”, already contributing to accelerated casino growth. This elevated Betfair's online casino market share to 15 per cent in February.
The group held an investor day on its US operations, FanDuel Group, at its sportsbook in New Jersey, to outline what it says is the opportunity to create “substantial long-term value in the expanding US market”.
In addition to the forecast increased sportsbook gross revenue in Q1 2019, Paddy Power Betfair cited other successes in New Jersey to date, including: FanDuel accounting for 46 per cent of handle to date; establishing an online sportsbook customer base of over100,000; and establishing Meadowlands as the “marquee venue for retail sports betting”.
