How A Dip In New Jersey Sports Betting Handle Hides A Positive Trend

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New Jersey sports betting

The NFL season ended in February, which meant the end of a pretty hot run for New Jersey sports betting operators.

Compared to 2020, though, the lining appears at least silver if not gold.

NJ sports betting handle was $743 million in February, down from $958.7 million in January. February’s handle was the lowest for the Garden State since August.

February, of course, wasn’t totally devoid of football betting. NJ sportsbooks took $117.4 million in Super Bowl bets with $11.3 million in revenue, second to only Nevada on both figures. That revenue was good for nearly 25% of the $46.2 million (6.2%) in sports betting revenue won by operators last month, according to the state report.

Last year vs. last month in NJ

Look at last year for context though: NJ sportsbooks took $495 million in wagers and kept just $17 million (3.4%) in February 2020.

February’s handle dip could be short-lived anyway with March Madness betting right around the corner.

PlayUSA expects this year’s tournament to be the first US sporting event to surpass $1 billion in legal handle.

New Jersey sports betting details

It’s not a New Jersey sports betting story without talking about the dominance of the Meadowlands. Its sportsbook partners FanDuel Sportsbook and PointsBet combined for $27.2 million in sports betting revenue last month.

That’s nearly $20 million more than its next closest competitor in Resorts Digital ($7.7 million,) which is partnered with DraftKings Sportsbook and FOX Bet.

The Borgata, which partners with BetMGM, took third with $5 million in revenue.

Mobile again dominated the market with 92.8% of all betting done online.

Will March be NJ’s last huge month for now?

There’s no question New Jersey benefits from the lack of mobile sports betting in New York. An Eilers & Krejcik Gaming report estimated more than 18% of NJ’s 2019 handle came from New York while others suggest that share could be as high as 25%.

New Jersey’s monopoly on mobile betting in the area might be coming to an end, though. Both the New York Senate and the Assembly included mobile sports betting in their one-house budgets, which were approved Monday. Adding to that momentum is the fact Gov. Andrew Cuomo finally supports mobile betting as well, albeit under a different model.

Sen. Joe Addabbo told LSR on Monday that the lack of details from Cuomo’s camp is a positive for the model presented in those budgets:

“I think the fact that the governor’s office really hasn’t displayed any sense of detail with regards to his proposal allows us the opportunity to insert detail. So we start with the common ground that we believe mobile sports betting will start this year. From there, that common ground, we go forward on negotiating and looking at what is the best model for our state both short-term and long-term and sustainability for market of growth.”