New Jersey Misses the $1 Billion Handle Mark For the First Time Since August 2021
New Jersey failed to reach the $1 billion sports betting handle mark for the sixth straight month, which dates back to August. Sportsbook operators brought in a combined total of $985.6 million in February, which is down 26.9 percent from January’s $1.3 billion, but the year-to-date numbers are up 32.7 percent from February 2021’s $743 million.
Mobile Sports Betting Still Reign Supreme in the Garden State
The mobile sports betting handle made up 91.3 percent of the state’s overall handle, which accumulated $899.6 million in wagers. Despite posting a solid number, the online handle declined 25.6 percent from January’s $1.2 billion. However, it was 30.5 percent higher than February 2021’s $689.2 million.
The month’s sports schedule didn’t favor the house as bettors had the upper hand for the month. The sports betting revenue was a modest $30.9 million, which is a decrease of 48.7 percent from January’s $60.2 million and a 33.2 percent decline from February 2021’s $46.2 million.
Parlay betting didn’t side with the bookmakers either, as the hold percentage was below the 17 percent territory. This was still solid results, but it is nowhere near the record-setting figures that the sportsbooks may be accustomed to.
February is usually a down month for the sports betting industry as a whole, with the lack of sporting events taking place after the Super Bowl. Jurisdictions across the industry have to factor in the fact that February is the shortest month of the year.
Breaking Down New Jersey’s Gaming Numbers
New Jersey’s gaming revenue hit a total of $373.3 million, which notes a decline of 2.2 percent from January’s $381.7 million. However, the figures are 29.5 percent higher than February 2021’s $288.3 million.
The online casino segment posted a gaming revenue total of $129.9 million, which signifies a decrease of 5.7 percent from January’s $137.8 million. Still, the results for February were 38.6 percent more than $93.8 million, which was posted a year ago.
Will March Madness Bring Hit in New Jersey
February is where many markets across the nation struggle, like the average betting volume decrease until March Madness rolls around. This event could help New Jersey bring its monthly sports betting handle back to over $1 billion, but the only problem is the Garden State has that one restriction on in-state collegiate sports gambling.
Both the Rutgers Scarlet Knights and the Seton Hall Pirates made it to the tournament, but the residents will not be able to place wagers on the in-state teams. It is even prohibited in retail sportsbook locations, unlike the state of Illinois.
Voters in New Jersey had the opportunity to change the restriction in November but ultimately rejected the ballot question. Nearly 57 percent of voters voted no, so the only legal way for bettors to place wagers on their in-state teams is to cross state lines and place them in New York.
Before New York established a legal mobile sports betting market, bettors across the Empire State would cross to the Garden State to partake in sports betting. At times, New Yorkers were responsible for at least 20 percent of the state’s monthly handles.
