New Jersey Sports Betting Handle Exceeds $320 Million in February

According to figures released by PlayNJ.com, analysts soon to be confirmed by the New Jersey Division of Gaming Enforcement, the total sports betting handle in February was not marred even after a very underwhelming Super Bowl performance...

...with this vertical's legal channels raking in $320.4 million in placed bets during last month. Good news for online gambling whose income numbers continue to rise, as well.

Only Nevada is Ahead

In total, more than $320 million placed in sports wagers during February translates to about $46 per adult New Jersey resident, which is more than any other US jurisdiction except Nevada.

Thanks to such a large handle, overall profit of $12.7 million was generated for online and land-based retail casinos...

...which exceeded expectation even for traditionally good-performing New Jersey who posted increasingly better results month after month.

Not even post-Super Bowl deceleration of market or the shortness of the month posed a threat to NJ, even though January's handle of $385.3 million remains a record-holder for now.

Breaking it All Down

Online sports betting contributed massively to overall handle – 80.8% of total bets were placed via internet, which is $258.9 million!

Super Bowl fared curiously poorer than expected, with only $35 million wagered ($29 million was paid out), which is similar to Nevada's 8% annual decline in Super Bowl interest (this year's handle stood at $145 million).

Looking at individual sportsbook operators's online business, FanDuel and DraftKings came out on top, with the final outcome list looking like this

• FanDuel/Pointsbet ($6.59 million, up from $5.9 million)
• DraftKings ($3.7 million, down from 6.9 million)
• Monmouth/William Hill/Sugarhouse ($1.3 million, up from $1.2 million)
• Ocean Resort/William Hill ($1.02 million, down from $1.3 million)
• Caesars Sportsbook/888sport ($223,339, down from $260,290)
• Golden Nugget/BetAmerica ($34,018)
• Hard Rock ($18,962, down from $25,235)
• Tropicana/William Hill ($10,477, up from $196)
• playMGM/Borgata (-$40,265, down from $41,897)

FanDuel reigns in the retail/land-based category as well. Their sportsbook at The Meadowlands turned out to be most successful. The whole list goes as follows:

• The Meadowlands ($1.5 million, up from 1.2 million)
• Resorts AC ($142,846, down from $242,636)
• Hard Rock AC ($103,614)
• Bally’s AC (-$40,848, down from $236,370)
• Tropicana Casino (-$69,030, down from $98,626)
• Harrah’s AC (-$95,617, down from $20,615)
• Golden Nugget (-$159,289, down from $27,287)
• Ocean Resort (-$280,656, down from -$14,287)
• Monmouth Park (-$501,173, down from $830,792 in January)
• Borgata (-$715,727, down from $635,564)

Analysts Speak

PlayNJ.com's lead sports betting analyst, Dustin Gouker, says that in-play betting during Super Bowl was substantially stronger in New Jersey compared to other legal markets, thanks to state's online product.

“In addition, New Jersey’s sportsbooks saw significant action on other sports, particularly on college basketball and the NBA. It adds up to another very good month for New Jersey even after a somewhat disappointing Super Bowl handle.”

He continued to explain that the New Jersey sports market is less dependent on major events such as Super Bowl than, for instance, Nevada, and February results clearly demonstrate this. He is of the opinion that market consistency will help New Jersey overtake Nevada, as was already predicted before.

Online Casinos Get Their Piece of Sports Betting Cake

In New Jersey, records do not last long:

Last year's online gambling income of $21.99 million was shattered to pieces by February's $31.8 million, up 44.3% year-on-year. January 2019 still remains the record-holder, with $33.6 million generated in revenue.

Online casinos also generated $5.6 million in tax revenue during February, which adds up to $190 million in total since November 2013's market launch.

Comments Steve Ruddock of PlayNJ.com: “New Jersey’s online casinos are among the biggest beneficiaries of legalized sports betting. Online casino revenue has grown by at least 25 percent in seven of the eight months since online sportsbooks made their first appearance in the Garden State. It would not be surprising if the industry hits $40 million in monthly revenue at some point before 2019 has ended.”

Source:

“New Jersey Sports Betting Strong Even After Underwhelming Super Bowl”, PlayUSA PR, March 16, 2019.