As expected, New Jersey’s February sports betting handle was down from January. There were fewer days in February than January and one less weekend for sports betting and iGaming.
But any state would be happy with the $743 million in total sports handle for the month. That was down 22.5% from January ($958.7 million) and broke a string of three straight months with more than $900 million in sports handle. But again, this drop was expected.
The online/mobile sports betting handle for New Jersey in February was $689.2 million. Mobile represented 92.8% of the sports betting market in February.
Sports betting revenue dropped to $46.2 million, down 44.1% from January’s $82.6 million.
New Jersey Sports Betting, February vs January
|Total handle||Mobile handle||Revenue|
|Change||Down 22.5%||Down 22.3%||Down 44.1%|
The $1 billion mark in New Jersey sports betting handle that the industry was hoping for will have to wait a while, possibly in the March report, but there are promising signs for the state to maintain its success over the next few months:
COVID-19 Numbers Decline
As COVID-19 cases continue to decline and vaccinations across the state continue to be administered, more people will be venturing out and about at brick-and-mortar sportsbooks, the three racetracks and casinos in Atlantic City. The state has begun to increase the capacity limit in casinos and restaurants.
March Madness Heats Up, Baseball Begins
No joke, Major League Baseball begins its regular season on April Fools’ Day and will give bettors a daily offering of games for the next seven months.
The biggest sports betting event in the country — NCAA Men’s College Basketball Tournament — begins on Friday and will last the rest of the month until the National Championship on April 5. Three days after a champion is crowned, golf’s first major of the season — The Masters — starts as Dustin Johnson defends.
Bettor Break, Regroup and Begin Anew
After Super Bowl Sunday, February was a respite for sports bettors to lick their wounds or relish in their winnings from the culmination of another NFL season.
Then the Madness hits.