Analyst: New Jersey Sports Betting Sites Offers Attractive Odds For MLB Bettors

Published: 28/07/2020

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Tom Allen, an analyst at Morgan Stanley, said New Jersey’s sports betting operators are aggressive in offering attractive odds to gamblers as the Major League Baseball opens games on Thursday.

Baseball leads the resume of major sports events, followed by the start of the seasons of the NBA and NHL.

Major sporting events worldwide postponed and canceled scheduled games in March following government mandate to prevent the spread of the novel coronavirus.

Many sports betting operations attached to land-based casinos, without online platforms, halted operations. Operators saw hope when governments started loosening restrictions and allowed businesses and entertainment to resume.

Casinos and sports betting platforms resumed operations, hoping to recover losses caused by the stay-at-home mandate of governments.

Sports activities in Asia, Europe, the US, and other parts of the globe gradually resumed following the loosened restrictions. Hopes are high in the sports betting industry as news of the start of the seasons of games circulated the media.

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Sports betting hits record levels as major sports events resume

Allen projected that the sports betting industry would reach record levels after major sporting events resumes schedule. He noted that the pent-up demand and shortened seasons due to the pandemic would magnify the importance of every game.

A spokesman from Draftkings confirmed the projection after seeing a record-breaking amount of wagers during the game between the New York Yankees and Washington Nationals on Thursday. It was the highest in-game bet in the history of DraftKings Sportsbook followed by figures during the game between Nationals and the Houston Astros last year at the World Series.

DraftKings and FanDuel were the biggest sportsbooks in New Jersey. Shares of DraftKing rose by 15 percent to $36.36 on Friday. The increase doubled compared to the figure in April. It is among the highest-valued gambling company in the US, with a market value of more than $12 billion.

Allen noted that MLB offers customer-friendly wagering with an overround at 4 percent, which means that when a player wages $104, they’ll get $100 back. National Football League season opener last year has an overround of 4.3 percent.

Global Sports Betting Market 2020-2024

ResearchAndMarkets.com revealed last months that the global sports betting market is projected to grow by $144.44 billion from 2020 to 2024, and it will progress with compound an annual growth rate of 11 percent within the period.

The rise in sports events commercialism powers the growth. The change in outlook for online gambling and the regulation of the industry will boost its growth.

The study investigated trends in key vendors in the global market, including Sportech Plc, The Stars Group Inc., Webis Holdings Plc, 888 Holdings Plc, bet365, Churchill Downs Inc., Flutter Entertainment Plc, GVC Holdings Plc, Kindred Group Plc, and William Hill Plc.

The report is in line with the predictions of other market analysts, which projected the industry’s increasing growth. The increasing number of countries legalizing sports betting proved theories of its success in the future.

The simultaneous come back of sports events is expected to boost subscriptions on sports betting.