New Jersey sports betting handle falls 26.9% amid competition from New York
The state recorded the highest per day betting volume in its history.
Despite a fall in handle and a sports betting giant emerging at its border, New Jersey has continued to post impressive betting numbers during the early months of 2022. This strong start to the year continued in February, as the Garden State’s handle reached nearly $1bn.
Specifically, the state’s online and retail sportsbooks saw $985.6m in bets, a 26.9% drop off from January’s record-breaking numbers. Despite the monthly decline, this handle represents a significant year-on-year boost, growing by 33% when compared to 2021.
The second month of the year was a good one for bettors, as sportsbook revenue fell year-on-year by 39% to $30.9m. From this revenue, $4.5m was returned to the state in taxes.
Online sports betting continued to be the main driving force in New Jersey’s market, making up 91% of all bets placed.
Basketball reamined the state’s biggest sport with over $500m in bets, marking a slight decline from the $533.7m placed in January. Fueled by the Super Bowl, football followed behind with $143.7m in wagers.
Among the state’s online operators, FanDuel, PointsBet and SuperBook were the most successful in February, recording gross revenue of $14m between them. DraftKings, Fox Bet and Resorts followed behind with $8.6m.
New Jersey’s online casino offering also failed to reach the heights of January, an outcome that can be mostly attributed to a shorter month. Notably, revenue fell by 5.7% to $130m.
From a land-based perspective, Borgata was the state’s most profitable casino operator followed by Golden Nugget and then Resorts Atlantic City.
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