The New Jersey Division of Gaming Enforcement (DGE) has released the market’s gambling results for February 2021.
Sports betting grew year-on-year, as did online casino gaming. However, overall sports betting figures were significantly lower than the record set a few months ago.
Players also wagered more than in the same month last year, but much lower than they had in January 2021.
Annual increases, monthly drops
Overall revenue for all verticals reached $288.3 million (£207.3 million). This was lower than January’s total of $346.4 million.
Despite being down last month, the total revenue figure was slightly higher than had been the case in February 2020. During that month, legal sports betting in New Jersey reached $287.3 million.
Sports betting revenue shot up year-on-year by a significant margin. At $46.2 million, it was 171.8% higher than in February last year. But operators failed to get near the records they had set in January 2021, when they made $82.6 million.
Wagering amounts were also higher compared to the same period last year, but lower when put up against January. Sportsbook handle was $743 million, representing a 50.2% annual rise. But this figure was also the lowest of any month since August 2020.
The majority of sports wagers were placed online, with operators taking $689.2 million in bets. At retail betting outlets, the overall figure was $53.7 million.
How did casino gaming in New Jersey fare last month?
Online casinos had a similar story to sports betting when it came to annual increases but monthly decreases. Operators in this vertical generated $93.8 million, which was 80.4% higher than the $52 million they made last year.
Despite beating the figure made last February, online casino revenue was 9.6% lower than had been the case in January. In the first month of this year, they had reached a record $103.8 million.
Although New Jersey’s online casino market is buoyant at the moment, land-based venues are continuing to struggle. Because of the pandemic, retail casinos must continue to comply with social distancing and other safety measures.
Land-based casino gaming in New Jersey reached $148.2 million last month. This was 32.1% lower than in February 2020, which was also the last full month before COVID-19 forced a nationwide shutdown.
While the state continues to grapple with the pandemic, gaming revenue in the year to date is actually higher than in 2020. Overall gaming revenue has reached $634.4 million, representing a 7.9% increase.