New Jersey sports betting figures took a bit of a hit in February.
Here are three takeaways from the monthly figures for February, as released by the New Jersey Division of Gaming and Enforcement (NJDGE):
Streak of $1 Billion Months Ends (Barely)
The total sports handle streak of sports handles of more than $1 billion has ended.
For the past five months, New Jersey has handled in excess of that magic number. However, for the month of February, the Garden State’s total handle was $985.57 million, down 26.9% from its state record $1.349 billion in January and up 32.7% from $742.95 million from Feb. 2021.
Mobile sports betting handle also was down to $899.63 million, a decrease of 25.6% from January’s record of $1.21 billion, but up 30.5% from February 2021 ($689.25 million).
Mobile represented 91.3% of the sports betting market in February.
Sports betting revenue was down almost half from January, coming in at $30.87 million, a decrease of 48.7% from January’s $60.2 million and 33.2% from Feb. 2021 ($46.21 million).
New Jersey Sports Betting, February vs. January
| Total handle | Mobile handle | Revenue | |
|---|---|---|---|
| February | $985.568M | $899.632M | $30.873M |
| January | $1.349B | $1.210B | $60.196M |
| Change | Down 26.9% | Down 25.6% | Down 48.7% |
Total, Internet Gaming Revenue Decrease a Bit
Total gaming revenue in the Garden State posted $373.27 million, down 2.2% from January’s $381.69 million, but up 29.5% from Feb 2021 ($288.25 million).
February’s internet gaming win registered $129.98 million, down 5.7% from January’s $137.85 million, but up another solid increase of 38.6% from a year ago ($93.8 million).
New Jersey Sports Betting, Feb. 2022 vs. Feb. 2021
| Total handle | Mobile handle | Revenue | |
|---|---|---|---|
| February 2022 | $985.568M | $899.632M | $30.873M |
| February 2021 | $742.953M | $689.249M | $46.214M |
| Change | Up 32.7% | Up 30.5% | Down 33.2% |
March Madness Could Provide a Jolt
February proved to be a down month after Super Bowl Sunday was complete. Of course, coming in slightly lower than $1 billion is not a huge concern.
March will provide another opportunity for bettors across the state as the nation’s second biggest betting sporting event, the NCAA Men’s College Basketball Tournament, begins in earnest on Thursday.
With 32 games over the first two days and interest at a high level, March Madness could put the state over the $1 billion mark in total handle once again.
The only downturn is that bettors in the state can’t bet on three New Jersey universities that made the tournament: Rutgers (which plays in the first four tonight against Notre Dame), Seton Hall and Saint Peter’s.
TopNJcasinos.com has an overview of March Madness specials being offered by casinos in the Garden State in you are interested in watching (and betting) at that type of venue.
With another mobile sports betting app - betPARX - launching in the state on Tuesday, this will provide another opportunity for bettors and the state to collect on winnings, handle, revenue and taxes.
