Sports betting fans will definitely notice that Freehold Raceway was conspicuously missing from the mobile sports betting game in New Jersey last year because it will henceforth be featured. In 2022, betParx will appear but on soft launch mode. This will be the third and last NJ sports betting app launching live operations through partnering with a land-based casino operator. Freehold Raceway had previously held two skins but they will be getting a third following this partnership.
There are nine major casino brands in Atlantic City and each of them is permitted by the licensing authorities to host a maximum of three online skins. This regulation applies to NJ racetracks as well.
The entering of betParx into the NJ gambling market through Freehold should therefore not be a surprise because of the nature of the company’s ownership. Greenwood Racing is the parent company of Parx and holds 50% ownership of Monmouth County racetrack. The other half of the company is owned by Penn National (Barstool).
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About betParx NJ
For the bettors of New Jersey who would like to be a part of this brand, the sportsbook can be downloaded from the AppStore or PlayStore. This is however not necessary for those who want to keep betting apps away from their phones because browser login is supported. Multiple alternatives for accessing the sports betting platforms gives control to players who would then decide when, amount of money to spend and how much time to play. As with other soft launches that have been implemented in the past, players might have to do with a few hours of sportsbook access per day. March 3 was one of such days and players could only place bets and use the platform between noon and 8 p.m. Such limited active hours are expected to be the norm during the opening week.
Even though the schedule is normal when launching a new platform, the players registered on Parx NJ online casino will have regular access. The application launched in NJ in 2020 through the Ocean Casino Resort license. The current situation is that the mobile casino operates under license of an AC casino while the sportsbook and shared casino operation is new.
By including odd markets from NBA, NHL, NCAA Basketball, UFC/MMA, and Table Tennis, BetParx is eager to control a significant portion of the gambling market. Experienced NJ bettors will notice that the application offers the same odd boost advantage and game parlays as other sportsbooks operating in the state.
Is betParx Late for the Sport Betting Party in NJ?
With more than 20 different apps offering sports betting services in New Jersey, the vibrancy of the market cannot be challenged. By the end of the current year, several other betting operators are expected to launch their offerings in the same market. The revenues that the Garden State has consistently posted even when the entire industry was in turmoil are what investors want to be a part of. Actually, every business person is looking for a success story and what better way to get one than to invest in a market that is already known to perform well.
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In January 2022, the state of New Jersey is on record as having achieved more than $1 billion from gambling revenue. Even after the neighboring New York State unveiled its gambling market, the profitability of NJ remained high. Actually, January revenue which exceeded $1 billion was achieved after NY had started operations.
It is true that the Empire State had an impressive performance for the month of January having attained $1.7 billion in bets. On the other side of the Hudson River, the performance was not at all shabby since the revenue reported was $1.34 billion. If you consider all the market leaders who lay claim on the NJ market, you realize that their presence attracts bettors as much as it grows the industry.
The likes of BetMGM, Caesars, DraftKings Casino, and FanDuel all introduced mobile apps in the New Jersey market when it was regulated in 2018. Another serious player who came in a bit later is Barstool Sportsbook but the future is promising due to serious management. In the latest financials, the breakdown as per operators in New Jersey had not been provided. This makes it quite a challenge for those who would like to compare performance to access the records.
In all fairness, it would be unfair to line up Barstool against betParx because the latter just joined. When a brand is lagging behind in popularity because of late entry into a market, it could discourage bettors from trying it.
Freehold Raceway Is Making Noise in NJ
Horse racing lovers will definitely be familiar with Freehold Raceway, the facility that boasts of a rich history. In this regard, reference is made to the fact that the raceway is the fastest yet oldest daytime half mile harness track in the whole of the US. Unlike Meadowlands Racetrack, where FanDuel Sportsbook is hosted, Freehold is not a popular destination for bettors in the state. Off course the promotional materials can be seen on the Parx-branded retail space, but that has not fully won over bettors.
With the prevalence of the smartphone, mobile betting is becoming even more popular than physical or online gambling. The proof lies in the revenues collected from 2021. Data from January through to July of 2021 depict a spectacular improvement from $778,354 through to $24.3 million. The spike in figures can be traced back to that moment when PlayUp and Barstool were launched.
Conclusion
The impact of mobile betting on overall NJ betting revenue is truly eye opening when one considers the short duration of time it has been considered. Betparx is now in New Jersey with high hopes of featuring among the gainers. It is currently too early to gauge impact but there is time and an ever evolving market.
Are you a New Jersey resident interested in playing online in our state and taking advantage of the best offers? Check out our curated list of NJ casinos, NJ sportsbooks and online bonuses. And if you are a poker player, please check our list of Best Poker Sites in New Jersey.
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Welcome Package
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$600
Welcome Package
* New customers only. 100% match bonus based
on first deposit of up yo $600.
$500
Welcome Package
* New customers only. 100% match bonus based
on first deposit of up to $500.
