The decline in New Jersey sports betting management and revenue last month came as the sports calendar cooled and New York’s online betting scene intensified further.
New Jersey saw its handful of sportsbooks slide in February, with bets falling below the $1 billion mark for the first time in months.
New Jersey’s Division of Gaming Enforcement reported Wednesday that retail and online sportsbooks in the state took about $985.6 million in wagers for February.
February hauling was down 26.9% from New Jersey’s record of nearly $1.35 billion set in January. It also ended the state’s five-month streak of $1 billion or more in monthly sports betting that began in September.
Last month’s bets, however, were still up around 32.7% from February 2021’s $743 million.
New Jersey bookmakers also generated $30.9 million in sports betting revenue last month, down 48.7% from $60.1 million in January. It was also lower than the $46.2 million revenue recorded for February 2021.
As a result, New Jersey’s unofficial sports betting hold last month was 3.1%, down from their 4.5% win rate in January.
A change of neighborhood
The Garden State has now recorded $2.33 billion in sports bets for the first two months of the year and appears to be on track to top the $10.93 billion mark from last year.
However, the drop in both management and revenue from New Jersey’s sports betting in February came as the sports calendar cooled off a bit and legal online sports betting in neighboring New York City continued to cool. intensified after its launch in January.
Online sportsbooks in New York generated more than $3 billion in mobile sportsbooks in its first two months of operation. Some of that is likely coming from clients who previously took their business to New Jersey.
February betting in New Jersey was also driven by basketball, which accounted for more than half of completed events for the month at $503.1 million. This happened even though the state doesn’t have a basketball team, even though the Brooklyn Nets and New York Knicks are only one state away.
Football, however, was somewhat disappointing for the month. February has only had one NFL game, the Super Bowl, which is historically the highest wagered event in the country. Yet the DGE allocated just $88.3 million last month to football alone.
Other sports generated $207.6 million in bets for New Jersey. Parlays accounted for an additional $192.1 million.
Meadows at the top
All New Jersey facilities that take sports betting saw less revenue than the previous month, and most also fell year over year.
New Jersey’s top bookmaker in terms of management in February was Meadowlands Racing and Entertainment, which partners with FanDuel, PointsBet and SuperBook for online betting.
East Rutherford Racecourse earned $13.9 million last month, well above second-place licensee Resorts Digital, which brought in $8.6 million.