Confusion Over the Launch of Barstool Sportsbook NJ
Jay Snowden, the CEO of Penn National Gaming, had announced at the start of the year that Barstool Sportsbook was hoping to enter the online sports betting market of New Jersey by the end of May. But the app has not yet been launched, and there is no concrete news about when the app will finally be made live.
New Jersey has 19 sportsbooks operating online and 12 retail locations for placing bets. As a result, the sports betting market in NJ is already very competitive. Some companies like FanDuel, BetMGM, DraftKings, and William Hill are already market leaders. So, when Barstool Sportsbook enters the State, they will have to face tough competition from these established market leaders.
Penn National owns a part of Barstool Sports. Penn National also owns a part of Freehold Gameway. The other owner of Freehold Gameway is Greenwood Racing.
Penn National and Freehold are presently using the skin of one of NJ’s three racetracks to create and operate a product of the Barstool brand. Freehold also has a deal with Australian-based company PlayUp to let them use Freehold’s NJ sports betting license. Barstools Sportsbook is at present operating in the states of Illinois, Indiana, Michigan, and Pennsylvania.
Experts believe that Freehold and Penn National Gaming will try to take Barstool sportsbook live by the start of the 2021 NFL season. But the NJ Division of Gaming Enforcement is also known for its slow procedures, so delays in the licensing process will also not be surprising.
If Barstool Sportbook enters NJ, it will become a part of the US’s largest sports betting market. Since June of 2018, New Jersey residents have already wagered a massive $15.97 billion in sports bets. Even in May 2021, one of the slowest months for sports betting, has registered nearly $53 million in revenue for NJ sportsbooks.