N.J. Gaming Results Better Than Sports Betting for Feb.

The numbers for the month of February brought mixed results to New Jersey sports betting and gaming.

The report was released Thursday afternoon by the New Jersey Division of Gaming Enforcement (NJDGE).

 

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The February total sports betting handle was $847,405,611, which is down 21.7% from January ($1,082,233,033).

That number makes sense, as most states experience a drop in February over a football-filled January. Sportsbooks in the Garden State will be expecting the number to rise again with basketball wagers for March Madness.

The handle, however, also was down 14.0% from February 2022 ($985,568,313). Could that be the effect of mobile wagering coming into play in New York? For years, sports-loving New Yorkers had to cross state lines, mainly to New Jersey, to place bets. But New York launched its own mobile sportsbook market in January 2022.

Sports betting revenue in New Jersey was down 24.5% from January but up in a big way from February 2022 (76.9%).

Mobile represented 94.6% share of the sports betting market in February.

 

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February total gaming revenue ($412,182,678) was down 4.7% from January ($436,872,505) but up 10.4% from February 2022 ($373,268,325).

February internet gaming also was up 9.7% from a year ago.

The numbers had positives, in the eyes of Jane Bokunewicz, faculty director of the Lloyd D. Levenson Institute of Gaming, Hospitality and Tourism (LIGHT), at Stockton University’s School of Business.

“Despite falling $4 million short of pre-pandemic February 2020, February 2023 outperformed all other Februarys going back to 2013,” Bokunewicz said. “Year-to-date, a strong January kept the Atlantic City casino industry well ahead of pre-pandemic brick and mortar totals at $426 million compared to year-to-date February 2020 at $410 million.

“When considering total gross gaming revenue for the month and year-to-date, internet gaming pushed February 2023 to new heights setting new near-term records for single month February and year-to-date February revenues. Internet gaming remains a significant portion of the Atlantic City gaming industry revenue mix accounting for nearly 40% of total gross gaming revenue share for the year-to-date.”

Here is a Q&A with Bokunewicz from last year.

New Jersey is one of only a handful of states with real money online casinos, joining Pennsylvania, Delaware, Connecticut, West Virginia and Michigan.

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