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Paddy Power Betfair (PPB) is riding a big winning streak in New Jersey.
Revenue for Betfair Casino soared 83% year-over-year to $11.7 million, the parent company announced in its recent Q1 trading update.
According to CEO Peter Jackson, PPB’s share of NJ online casino revenue has increased sharply to an estimated 14% — up from “a steady 11%” over the previous two years.
The stellar first quarter comes hot on the heels of a strong 2018 in the Garden State, where Betfair operates under the Golden Nugget interactive license. Gross gaming revenue reached $34 million last year, a 31% rise from 2017 ($26 million).
If Betfair can replicate its Q1 numbers over the remaining three quarters in 2019, it will comfortably eclipse last year’s performance. Such success would also reinforce PPB’s position as the clear leader among online-only gaming operations in New Jersey.
Betfair Casino has actively marketed its 400-plus games to customers of its new sister brand, FanDuel Sportsbook, dating back to last year. London-listed PPB acquired a controlling stake in the sports gaming company in the immediate wake of the PASPA repeal in May 2018.
FanDuel has around 8.5 million daily fantasy sports customers in the US.
Two months later, PPB consolidated its portfolio of US brands — including horse betting platform TVG and mobile-first DFS business DRAFT — under the umbrella of the newly formed FanDuel Group. In the time since, FanDuel Sportsbook has emerged as the clear leader among NJ online Sports Betting operators.
Given the early success, fully embracing the brand is the next logical step for PPB. Expect to see either an independent FanDuel Casino platform or a rebrand of the existing Betfair Casino to further unify the operation going forward.
Paddy Power Betfair (PPB) is riding a big winning streak in New Jersey.
Revenue for Betfair Casino soared 83% year-over-year to $11.7 million, the parent company announced in its recent Q1 trading update.
According to CEO Peter Jackson, PPB’s share of NJ online casino revenue has increased sharply to an estimated 14% — up from “a steady 11%” over the previous two years.
The stellar first quarter comes hot on the heels of a strong 2018 in the Garden State, where Betfair operates under the Golden Nugget interactive license. Gross gaming revenue reached $34 million last year, a 31% rise from 2017 ($26 million).
If Betfair can replicate its Q1 numbers over the remaining three quarters in 2019, it will comfortably eclipse last year’s performance. Such success would also reinforce PPB’s position as the clear leader among online-only gaming operations in New Jersey.
Betfair Casino has actively marketed its 400-plus games to customers of its new sister brand, FanDuel Sportsbook, dating back to last year. London-listed PPB acquired a controlling stake in the sports gaming company in the immediate wake of the PASPA repeal in May 2018.
FanDuel has around 8.5 million daily fantasy sports customers in the US.
Two months later, PPB consolidated its portfolio of US brands — including horse betting platform TVG and mobile-first DFS business DRAFT — under the umbrella of the newly formed FanDuel Group. In the time since, FanDuel Sportsbook has emerged as the clear leader among NJ online Sports Betting operators.
Given the early success, fully embracing the brand is the next logical step for PPB. Expect to see either an independent FanDuel Casino platform or a rebrand of the existing Betfair Casino to further unify the operation going forward.
