New Jersey’s online and retail sportsbooks reported nearly $1 billion generated in February 2022, down 27% from the record $1.35 billion in January 2022.
The figure, however, is a 33% increase from the $734 million made in February 2021.
The state’s bookmakers attracted $985.6 million in bets for the month, with revenue down $30.9 million. This represents a 95% decrease from the $60.2 million in January, and 39% down from the $46.2 million in February 2021.
“New Jersey’s online and retail sportsbooks continue to follow the same historical seasonal patterns, showing only a modest impact from New York’s entry into the online sports betting space,” said David Danzis, analyst at PlayNJ.com, which follows the development of games in the state.
“This is a cause of relief for those who are heavily invested in the success of the state’s industry, including the state itself,” adds David.
A key factor in the results was the Super Bowl, with a state record of $143.7 million in betting. Basketball, however, remains crucial to the state’s sports betting market, with punters placing $503.1 million in bets on the sport during the 28 days of February.
“The popularity of the NBA in particular has always kept New Jersey sportsbooks relatively busy in February, even as most other legal markets suffer post-Super Bowl hangovers,” added Danzis.
Online bookmakers accounted for 91% of February’s value, with a profit of $899.6 million on bets. FanDuel/PointsBet/SuperBook led retail betting with $14 million in revenue, followed by DraftKings/Fox Bet/Resorts with $8.6 million.
Online casino and poker revenue, meanwhile, was $130 million, down 6% from January but 39% up from February 2021.
