Edition 04: Hoboken Is Missing Its Mecca of Sports Betting
North Jersey’s biggest missed opportunity for 💰💰💰
Good morning and welcome to another Monday morning edition of The Handle! We’re diving into NJ’s biggest missed sports betting opportunity, as the lack of a proper North Jersey consumer experience leaves bettors yearning for more.
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In New York City, degenerate finance bros, an “official” consumer demographic, are unable to currently gamble legally on sports given the murky state of sports betting legislative progress in New York. The NYS Gaming Commission released details on Friday, July 9th, 8 days after the bidding details were due. For the time being, regulated sports betting in New York is not on the table.
Regardless of upcoming legislative progress for NY sports betting, New Yorkers consistently journey across the border in order to legally bet on sports in our Nation’s leader in mobile sports betting, New Jersey.
New York bettors are consistently making the trip to Hoboken and neighboring transit hubs in search of a legal & safer alternative to NYC’s burgeoning PPH and offshore market. According to an article by Matthew Waters of Legal Sports Report from 2020 (updated 3/1/21), New Yorkers bet an estimated $837M in NJ in 2019 to get their betting fix. New York is littered with typical Wolf of Wall Street wannabes lined with deep pockets looking to flaunt their degeneracy, sports fandom, and sense of intellectual superiority.
One thing this demographic is missing in their trips to NJ is the ideal place to bet on sports. What about taking the Path to Hoboken on a Sunday AM before the Giants game to get your bets in and then turning around to get back and watch back in the city with your buddies is enjoyable?
It’s not like Sportsbooks don’t understand the market opportunity, as all NJ/NY borders are filled with activation efforts and ads attempting to draw in customers. Since these folks are currently making the trip to Hoboken anyway, sportsbooks should reward their effort and determination to wager on sports with a proper venue to accommodate their commuting efforts and rake in more cash.
Let me set the scene for you. Think Circa’s new Stadium Swim, a pool sportsbook with a massive 40-foot HD screen and swim-up bars, yet placed smack in Downtown Hoboken.
I’d like to call it House of Bets, located near the Austin-style BBQ joint House of ‘Que on Frank Sinatra Drive in downtown Hoboken. Bettors will be clamoring over the amenities and overall experience on their 9-minute walk from the PATH station along the Hudson River to House of Bets.
This venue would be the holy grail of weekend spots and finance bro degeneracy, an all-in-one Mecca for watching and betting on sports while enjoying a pool and sports bar experience as well. Who wouldn’t trade in a company-branded Patagonia vest for a bathing suit and shades to enjoy a day of sports, betting, and booze?
Anyway, let me get into the intricacies of House of Bets. The opportunities are endless. Think Soho House meets Equinox pool deck, but with a massive Circa Swim-esque big screen littered with live odds and multiple live sports streams. Think of an ultimate upscale mancave, yet outdoors with a view of the NYC skyline.
While we aren’t looking for something as exclusive as Soho House, certain amenities would be an exclusive, members-only basis including a private bar with discounted drinks and odds-boosted plays.
In the less action-packed sports months, we’ve got our backs covered with alternative revenue streams. Why have a Vegas residency when you can have a Hoboken residency? The indoor/outdoor event space can be rented out or easily transformed into a day or night club.
The main idea here is these books are spending endless money on advertisements and customer acquisition. Why not direct some of those funds to something that could produce more revenue while augmenting the consumer experience? Growth and innovation which stretch beyond the digital evolution of the customer experience will translate to more buzz, more bets, and new revenue streams.
We hope one of NJ’s operators takes House of Bets under serious consideration. The Handle team will be in attendance, we promise.
Miscellaneous Recent Consumption:
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New data from Illinois continued a trend in evidence across U.S. online sports betting in May, with FanDuel dramatically stretching its market-leading status. We estimate that FanDuel's national online market share soared to around 50% in May vs 36% in Q1 and 39% in 2020.
Cool graphic from Daniel Stone on online sports betting market share changes over the past 17 months. Fanduel extending its market share 🍽🍽🍽
Spanky is putting on Bet Bash, a sports betting networking party in Jersey City, NJ on August 25th from 7pm-10pm. Click here for details
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