New Jersey Sports Betting Handle Falls

Figures just published by the New Jersey Division of Gaming Enforcement (NJDGE) show year-on-year growth across the state’s sports betting and online casino markets in February. However, the sports wagering handle fell to its lowest level since August 2020.

February’s total gambling revenue was $288.3 million, just slightly higher than the $287.3 million recorded in the same month last year, but significantly down from the $346.4 million reported in January 2021.

NJDGE saw increase in sports betting revenue with 171.8%

Sports betting revenue in February was $46.2 million, a huge increase of 171.8% from $17 million the previous year, but far lower than the $82.6 million recorded in January of this year.

While player spending on sports betting was up 50.2% year-on-year to $743 million, it was the lowest monthly handle since August 2020, even when taking into account betting on the Super Bowl. A total of $689.2 million was bet online and $53.7 million at retail sportsbooks.

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The market leaders in February were FanDuel and PointsBet (ASX: PBH) at Meadowlands, with revenue of $27.2 million, up 147.3% from last year. This was followed by Resorts Digital and DraftKings (NASDAQ: DKNG) with $7.7 million and then the Borgata with $5 million.

Online casino revenue grew to $93.8 million, up 80.4% from $52 million last year, but down 9.6% from January’s record of $103.8 million.

The iGaming division of the Golden Nugget Casino, Golden Nugget Online Gaming, kept the top spot with revenue of $27.9 million in February. The Borgata was a close second with $25.7 million and Resorts Digital saw $19.7 million revenue.

However, while there was growth in online sports betting and casino gaming, the land-based casinos are continuing to suffer with revenue down 32.1% year-on-year to $148.2 million. There are still restrictions in place due to the coronavirus pandemic, including capacity limits in casinos and social distancing.

For the year-to-date, the total gaming revenue in New Jersey is $634.4 million, 7.9% more than at the same time last year. Sports betting revenue is 82.2% higher at $128.6 million and iGaming revenue is up 84.5% to $197.6 million. However, land-based casino revenue is down 24.8% to $308.3 million.