Numerous billboards and electronic signs across New Jersey are touting the coming of the DraftKings Sportsbook. The green-and-black advertisements are in place as NJ sports betting rolls closer to an official launch.
The ads are most visible on roads into Atlantic City or signs at the Newark airport. They represent one of the first tangible signs of the change in New Jersey following the repeal of the Professional and Amateur Sports Protection Act (PASPA) two weeks ago.
DraftKings Sportsbook ads create more questions than answers
However, there are still many questions that surround sports betting in New Jersey. The requirements for operators are still under debate in the state legislature.
For one thing, it is still unclear if DraftKings can operate a sportsbook in New Jersey right now. If other laws in New Jersey regarding online gambling are a clue, the site will need to partner with an existing land-based casino to move forward.
It is also unclear if DraftKings would be ready to move forward in New Jersey even if it could secure a partnership. The site backed away from going after a license in Rhode Island, perhaps due to the state’s October start date.
If true, there is no way that DraftKings could be ready in time for New Jersey. As we reported last week, the first sports bets in New Jersey will likely occur on June 7.
Finally, there is also no firm answer on how DraftKings will offer sports betting to New Jersey inhabitants. According to Legal Sports Report, there is still no comment on whether DraftKings will use an in-house platform or outsource to a third party.
DraftKings is no stranger to the Garden State
However, for all the uncertainty, DraftKings is not a new presence in New Jersey. The daily fantasy sports operator has been active in New Jersey for several years.
Daily fantasy sports officially became legal last year due to Assembly Bill 3532. The law was a bit of a formality since New Jersey gaming regulators had already declared DFS to be legal under state law.
DraftKings continues to be one of the two main players in the DFS space. Along with rival FanDuel, the site earned the lion’s share of DFS revenue in the US.
Though the exact figure for current revenue is unclear, recent data indicates that number is north of $300 million per year. That amount and the news of Paddy Power Betfair’s $770 million purchase of 61 percent of FanDuel means that both big boys in DFS are billion-dollar companies and are here to stay.
For that matter, DraftKings will be here for sports betting, too.