GNOG - Surging sportsbook growth signals strength for gambling stocks

Recent statistics released by both New Jersey and Pennsylvania point to strong growth in sportsbook activity even outside of peak football season gambling.    Per PlayNJ, the NCAA Tournament sparked over $1.1 billion in wagers at New Jersey’s online and retail sportsbooks, setting a state record for revenue. The gains come despite growing legalization efforts across the nation that stand to increase competition for the state.    “Increased competition from New Jersey’s neighbors is inevitably going to affect the state’s sportsbooks, but it continues only to be at the margins,” PlayNJ analyst David Danzis said in a press release. “The state’s own bettors have proven a powerful force on their own.”   One such neighbor was Pennsylvania, which saw record revenue in its own right stemming from the college basketball tournament.    “March couldn’t have gone any better for Pennsylvania’s gaming industry,” Katie Kohler, lead analyst for PlayPennsylvania.com, said in

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Surging sportsbook growth signals strength for gambling stocks