New Jersey sportsbook handle dips below $1bn for first time in months

Wagers were down 26.9 per cent from January’s $1.35bn record but still up  32.7 per cent year-on-year.

US.- New Jersey’s Division of Gaming Enforcement has reported that online and retail sportsbooks processed $985.6m in wagers in February, with the handle falling below the $1bn for the first time in five months.

Wagers were down 26.9 per cent from January’s $1.35bn record but up 32.7 per cent year-on-year. Revenue was $30.9m, down 48.7 per cent from January’s $60.1m.

David Danzis, an analyst for PlayNJ.com, stated: “New Jersey’s online and retail sportsbooks continue to follow the same historical seasonal patterns, showing only a modest impact from New York’s entry into the online sports betting space.”

The Super Bowl saw a record $143.7m in non-pass bets. Basketball remains vital to the state’s sports betting market, with bettors placing $503.1m on the sport over 28 days in February.

Online sports betting accounted for 91 per cent of transactions, generating $899.6m in wagers. FanDuel, PointsBet and SuperBook led the way with $14m, followed by DraftKings, Fox Bet and Resorts with $8.6m. Online casino and poker revenue totaled $130m, down 6 per cent from January but up 39 per cent from February 2021.

Danzis added: “After two years of pandemic concerns and the increase in competition from New York, New Jersey’s gaming market is stabilizing.

“Atlantic City casinos are rebounding, while revenue from sportsbooks and online casinos reflect the market’s ‘new normal,’ which is a really good normal. All in all, it was an excellent month for the state.”