New Jersey Sportsbooks Still Strong, Despite the Super Bowl Losses
Sportsbooks in New Jersey had a good February, say the latest financials posted by the New Jersey Division of Gaming Enforcement, with sportsbooks operating in the state handling a total of $320.4 million in wagers during the last month.
Although these figures are more than reasonable, many expected much better results as the Super Bowl took place in February. In the end, the New Jersey sports betting facilities handled 16.8% less money than in January, when $385.3 million was wagered.
Digital Leading the Way
A total of $35 million was handled during the Super Bows, while sports betting operators paid more than $39 million. February saw an increase in betting activity on other sports, such as the NBA and college basketball, which made a significant contribution to the overall results and the state’s sports betting industry in general.
The digital vertical once again led the way in the Garden State, with online sportsbooks handling around $260 million worth of wagers in February, which represents a little over 80% of all bets made in New Jersey during the last month. Revenue from sports betting reached $12.7 million in February, while the main factor that affected these numbers was the fact the sportsbooks lost around $4.5 million on the Super Bowl.
Speaking about the latest results, Dustin Gouker, the lead betting analyst at PlayNJ, said that sports betting market in New Jersey was less driven by major events, which was more than obvious from the last month’s figures. He added the market consistency would eventually help New Jersey overtake Nevada as the largest legal sports betting market in the United States.
The New Jersey sports betting market in February was dominated by FanDuel’s sportsbook at the Meadowlands Racetrack, as well as its online operation.
Online sportsbook recorded $6.6 million in revenue, which represents an improvement of nearly 12% when compared to the results from January ($5.9 million). FanDuel’s biggest rival, DraftKings, generated $3.7 million in revenue in February – a drop of 46% from the first month of the year.
FanDuel Dominates the Market
FanDuel’s land-based sportsbook was the market’s leader in February, generating $1.5 million in revenue, improving results from January by 25%. Resorts Atlantic City followed with $142,846 in revenue, while Hard Rock Atlantic City recorded revenue of $103,614.
The total gaming and betting revenue in New Jersey reached $241.2 million in February, improving by 25.6% when compared to the same period of last year. All 9 casinos operating in Atlantic City saw their revenues go up by 15.7% to $196.7 million. At the same time, online gaming revenue increased to $31.7 million, which is a rise of 44.4%.
Commenting on the performance of the online gaming industry in New Jersey, PlayNJ lead online gambling analyst Steve Ruddock said that the state’s online casinos were among the biggest beneficiaries of legalized sports betting.
He pointed out that online gaming revenue had grown by at least a quarter in seven of the eight months since legal sports betting arrived in the Garden State, following the US Supreme Court’s decision to end the federal ban on sports betting.