The end of the NFL season didn’t end the hot streak for NJ sports betting as handle neared $500 million in February, though hold was low.
The state’s sportsbooks took $494.8 million last month, with $436.5 million of those bets placed online. That’s an 88.2% online share, up from last month’s 87% share.
Handle grew 54.5% from last February when the New Jersey sports betting market was still just six months old.
Revenue jumped 33.5% to $17 million compared with last year, according to the state report. That’s an effective win rate of 3.4% for the month. That’s not entirely shocking considering operators had a negative hold of 7.8% on the $54.3 million the books took in Super Bowl bets.
FanDuel still pacing NJ sports betting market
The Meadowlands and its two betting partners, FanDuel Sportsbook and PointsBet, accounted for more than half of the state’s sports betting revenue last month.
The two sportsbooks brought in $37.5 million in revenue or 53.1% of total revenue.
FanDuel likely had the vast majority of that action. PointsBet took around 4.6% of New Jersey sports betting handle from July through December last year.
Resorts Digital, with its partners in DraftKings Sportsbook and Fox Bet, took second with $19.9 million in revenue. Monmouth Park and partners William Hill, theScore Bet and Rush Street ranked a distant third with $4.9 million.
Hoops is big business for New Jersey sports betting
NJ sports betting didn’t see a huge drop in handle with the end of the football season, as it seems like basketball helped fill the gap.
February’s handle fell 9.2% sequentially from January.
Year-to-date completed events handle on basketball is $396.8 million through February, up 123.5% from the $177.5 million completed through January.
The other category (that includes sports like hockey, soccer and tennis) ranked second through the first two months with $264.3 million in completed event handle.
Online gaming’s cross-sell continues to benefit
Online casino revenue jumped 63.7% compared with last year to $52 million, which shows the strong correlation between online casino play and online NJ sports betting.
It’s the second time the state broke the $50 million mark in online casino revenue after a record $55.1M in January.