New Jersey sportsbooks took in less than $750 million in wagers in February, the state’s lowest total since August as the nation’s largest U.S. sports betting market settled into the post-NFL betting period, according to PlayNJ analysts. Meanwhile, online casinos set a new per-day record in February.
“Even with a slowdown in February, which was expected, New Jersey remains the most fertile online sports betting and online gaming market in the U.S.,” said Dustin Gouker lead analyst for PlayNJ.com. “February’s results are a reminder, though, that New Jersey’s market is not destined for infinite growth. For the first time since Pennsylvania launched, New Jersey could face increased competition. This time it’s from New York, its main feeder market, which is pushing ahead on legalization efforts. While that is cause for concern in New Jersey, the state’s online sportsbooks and casinos have positioned themselves as a giant in the industry, able to withstand neighborly competition.”
Anchored by $117.4 million in Super Bowl betting, New Jersey’s sportsbooks took in $743 million in bets in February, according to official data released Tuesday. That is up 50.1% from $494.8 million in February 2020, though short of January’s $958.7 million.
Operators produced $46.2 million in revenue from February’s wagers, up from $17 million in February 2020, yielding $5.7 million in state taxes.
In every year in which New Jersey has offered legal sports betting, February has generated less in total wagers than in January, so a dip was expected. But New Jersey still tops every other market.
“As of right now, New Jersey is playing on a different level than any other state,” said Eric Ramsey, analyst for PlayNJ.com. “That could be particularly apparent in March. March Madness is the largest sports betting holiday of the year, and in New Jersey, basketball in general tends to draw a lot of action. In other words, it’s possible New Jersey could become the nation’s first state to generate more than $1 billion in sports bets in a single month.”
Online betting produced 92.8%, or $689.2 million, of the state’s total handle in February. FanDuel Sportsbook/PointsBet topped the online market with $24.9 million in gross revenue, down from $41.8 million in January.
Retail sportsbooks collected $53.7 million in bets, but that was still short of the $58.3 million retailers collected in February 2020. Meadowlands/FanDuel led retail books with $2.3 million in revenue.
Online casinos games and poker continued to roll with $93.8 million in February revenue, up 80.4% from $52 million in February 2020. Though short of the record $103.8 million in January, online casinos and poker generated a record $3.4 million per day over 28 days in February, up from $3.3 million per day over 31 days in January.
The Golden Nugget, which now includes FanDuel casino, generated $27.9 million in February revenue, down from $31.2 million in January. Meanwhile, Borgata hit 25.7 million in February, down from $28.7 million in January.
“After so many years of Golden Nugget dominance, it’s been fascinating to watch Borgata and Resorts Digital make gains over the last year,” Ramsey said. “FanDuel adds another big name as these operators jockey for market share, and it has the ability to shift the dynamic. But the online casino pie continues to grow, which is ultimately great for the state.”
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