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At the recent New York City Sports Betting Investor Summit in Manhattan, representative from four of the leading New Jersey sportsbook operators told the audience that their companies welcome competition and change in the online sports betting industry.
The US gambling industry is evolving at a rapid rate. While some new sportsbooks will fall by the wayside, others may be taken over by bigger operators. The number of states with legalized sports betting continues to grow, while bookies are striking all sorts of deals with major leagues and leading franchises.
New Jersey alone has 12 licensed sports betting operators, but the big players in the Garden State say they are up for the fight.
“It’s war out there,” said Seth Young, a PointsBet executive. “There’s going to be a lot of carcasses out there on the road when all is said and done.”
According to Ezra Kucharz, Chief Business Officer at DraftKings, “What competition does is spur us on to make better products. If there were 10 more operators? Fantastic. Bring it on.”
Benjie Levy, the president of TheScore, took a more cautious tone and warned of the dangers of saturating a booming market with an overabundance of options.
“I would say that there is a risk in the New Jersey market in particular, where things can get overheated and users may start to bounce around on five different accounts,” he said.