New Jersey Sportsbooks Prepare for NFL DraftLegal
The National Football League (NFL) is in preparation to gather virtually from their own homes for selections for the 2020 NFL draft. There has been a large amount of scrutiny regarding whether or not the draft should take place, but as of now it seems to be set and ready to go as scheduled on April 23.
New Jersey sportsbooks are also in preparation to put together odds on the NFL Draft. Due to the lack of sports, the sports gambling community is dying for anything to utilize their bankrolls.
NFL Draft Replacing Lack of Sports?
It is an unfortunate situation that the NFL Draft is the closest we can get to a sporting event because of the coronavirus outbreak. Sports bettors have been stuck at home with no action to place action on the last few weeks, and are salivating to place wagers on the NFL Draft.
Currently, the only other sports available for New Jersey betters are table tennis, Belarus Premier soccer, and Chinese Taipei which is far from enticing to NJ sports betters.
This year’s NFL Draft is predicted to be the biggest online and mobile sportsbooks in New Jersey extremely more popular than previous years due to the COVID-19 pandemic. Online sportsbooks are using the draft to offer creative betting markets to the sports betting community. Live wagering, however, is likely off the table as betting markets are set to close before the draft.
FanDuel Sportsbook has already tripled the revenue from 2019’s draft. PointsBet already matched last years revenue, and have expectations for their final numbers to reach 2.5 times higher than 2019.
DraftKings Sportsbook has also reaped benefits in their NFL Draft action. They have already surpassed their 2019 NFL Draft revenue, and expecting their numbers to continue to escalate. The numbers of their 2019 results show 90% of their wagering volume was received in the final 10 days of draft day.
Draft Day Wagering Escalating Due to Lack of Sports
Johnny Avello, the Director of Sportsbook Operations for DraftKings, explained the increase of the NFL Draft betting action is due to the increase of draft betting markets. There were 43 legal markets in 2019 which grew to 130 in 2020. In addition, many sports bettors are gravitating toward a familiar sport betting opportunity due to the suspension of all major sport leagues.
"We took some major hits, there's no question about it," stated Avello, "but we're staying above water with what we have to offer. I would say the company is in good shape, and we're gonna come out blazing when this thing's over."
Patrick Eichner, Director of Communication for PointsBet, stated the handle will reach the same financial outcome as premier National League Football events such as Monday Night Football.
There is no doubt that the numbers will be escalated due to the suspension of nearly all sporting events for the NFL Draft. The question is the extent of money risked due to the amount of people currently facing financial hardship.