Full House: betParx NJ Sportsbook Soft Launches As Third Freehold Raceway Skin

This time last year Freehold Raceway was absent from the NJ mobile sports betting game. Fast-forward to today and it’s a completely different situation as betParx NJ is in soft-launch mode.

It’s the third and final NJ sports betting app to go live via a land-based partnership with Freehold. Each of the nine Atlantic City casinos and three NJ racetracks are permitted to have three online skins.

Parx entering the Garden State via Freehold should come as no surprise since parent company Greenwood Racing is a 50-50 owner of Monmouth County racetrack. Penn National (Barstool) owns the other half.

What we know about betParx NJ

New Jersey bettors can access betParx NJ via web browser or download it. The platform is available for both iOS and Android devices.

We did notice, like other soft launches, players might experience limited sportsbook hours.  The March 3 betting schedule, for instance, was from noon to 8 p.m.

 

 

The remainder of the opening week operating hours according to the NJ sports betting app will be:

• March 4: Noon-12:30 a.m. EST
• March 5:  Betting starts at 10 a.m. EST

The schedule does not apply to Parx NJ online casino players as it’s not new. The app launched back in 2020 under the Ocean Casino Resort license (mobile casinos can only gain market access via a partnership with an Atlantic City casino). However, the shared casino and sportsbook platform is new.

In terms of sports betting markets, the list currently includes:

• NBA
• NHL
• NCAA Basketball
• UFC/MMA
• Table tennis

And like other sportsbooks, NJ bettors can place same game parlays or take advantage of odds boosts.

Is betParx NJ too late to NJ sports betting game?

The NJ sports betting market includes 20-plus different apps, with several others expected later this year. And most operators out there want a slice of the Garden State pie.

January was the fifth-straight month in which the handle exceeded $1 billion. Many thought the great run would end once New York mobile wagering launched, but it didn’t.

Yes, the Empire State was No. 1 for January with $1.7  billion in bets. However, things weren’t too shabby on this side of the Hudson River with an all-time record of $1.34 billion.

Here’s the flip side of the story. Market leaders FanDuel, DraftKings, BetMGM and Caesars (along with the former William Hill), all launched mobile apps in 2018. Plus, Barstool Sportsbook continues to be a serious player since launching last summer.

Since New Jersey monthly revenue reports do not include a breakdown by operator, it’s hard to get a strong pulse on how well the other brands are performing.  The reality is betParx does not have the same level of brand recognition as Barstool. The added challenge is giving bettors a reason why they should even consider trying this new product.

Freehold Raceway continues to make NJ sports betting noise

For those unfamiliar with Freehold Raceway, when it comes to horse racing, the facility has a rich history. We’re talking about  “America’s oldest and fastest daytime half-mile harness racing track.”

However, unlike the Meadowlands Racetrack, home to a FanDuel Sportsbook, Freehold isn’t what one would consider a destination for NJ sports bettors. Yes, there is a Parx-branded retail space, but players aren’t running there to place bets.

Mobile betting is where the action is. All it takes is one look back at 2021 numbers.

Looking at the total sports betting revenue from January through July of last year, the number was $778,354. Yes, thousands not millions. Once Barstool and PlayUp launched, those results skyrocketed past $24.3 million for the year, good enough to crack the top five.  Here is a closer look:

• Meadowlands Racetrack: $451.8 million
• Resorts Digital: $159.7 million
• Borgata: $84.3 million
• Monmouth Park: $34.7 million
• Freehold Raceway: $24.3 million

However, the true impact of mobile betting is truly eye-opening when comparing 2021 to the previous year. For 2020, Freehold earned just $291,632 from sports betting.

Call it barely a blip on the radar as the Garden State reported $398.5 million.

Time will tell how betParx fares.