Gaming - Strong March provides further evidence of NJ sports and online casino opportunity

Davy Research
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New Jersey (NJ) gambling activity continues to beat all expectations, with March representing another record month for sports betting. Interestingly, FanDuel (Paddy Power Betfair) appears to now be assuming an undisputed leadership position in the market. We also note that online casino revenues are significantly higher (+53% year-on-year (yoy)), providing a reminder of the broader US online gambling and cross-sell opportunity. This is something that we suspect could propel US revenues even higher than currently expected. It is early days, but the ongoing roll-out of the NJ market is exciting for European gaming operators.