After a terrific run in the sports betting industry, the state saw some disappointing numbers in February. Find out below what the February report revealed and why this drop was to be expected.
The February sports betting numbers for the state of New Jersey are in, and the totals were disappointing, even though most analysts were expecting a drop. This was the first time since August that the total sports betting handle did not reach $1 billion, ending a remarkable and historic run in the industry.
The total sports betting handle was $985.6 million, which represented a decrease of nearly 27% from the more than $1.3 billion in January. A year-over-year comparison still showed an increase of 32.7% in total handle from the $743 million that came in during February 2021.
It’s easy to look at the drop in sports betting numbers and point to the launch of New York sports betting as the reason, but February is typically a slower month for the industry. New Jersey sportsbooks still saw a jump in January, and that was when New York sportsbooks were getting off the ground.
Not only did the total sports betting handle drop, but the revenue also saw a pretty significant decrease. The February revenue was $30.8 million, and that was down from the $60.1 million that was brought in during the month of January.
Despite this drop in both handle and revenue, New Jersey is should remain as the second-largest sports betting market for the month.
Jump toA National Trend
New Jersey is a state that doesn’t always follow the sports betting trend in the U.S. as it typically sees a record amount of wagers regardless of what goes on throughout the country. That doesn’t appear to be the case in February, as it has been a rough month for nearly all of the states that have announced a monthly total.
The biggest reason for a slower month of February is that this is the shortest month of the year and the first real month without NFL betting. The Super Bowl is really the only major event in February, but betting on that event lasts just one day.
March is typically a month when college basketball betting becomes extremely popular, and that will be true in New Jersey to a point. The state does still have laws in place that restrict betting on in-state college basketball programs.
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Gaming Numbers Also Down
It was a rough month for the entire gaming industry in the state of New Jersey, as the total gaming revenue was just $373.3 million. This was a drop of more than two percent from the month of January, and this was also a massive jump from the February 2021 total.
Online gaming continues to lead the way when it comes to both sports betting and the casino industry. The mobile sports betting handle was $899.6 million, and the internet gaming win was right around $130 million.
