New Jersey’s sports betting market had a strong February despite reporting a month-on-month decrease in revenue.
According to figures from the New Jersey Division of Gaming Enforcement (NJDGE), sports betting handle in New Jersey hit $494.8m in February with $436.5m being wagered via online sportsbooks.
February’s betting handle represents a significant increase on the $540m wagered in January as well as a 54.4% increase on the $320.4m wagered this time last year.
Revenue also saw a year-on-year increase with sportsbooks holding onto $17m last month, up from the $12.7m generated in February 2019. However, revenue saw a significant month-on-month decline when compared to the $53.6m generated in January.
FanDuel continues to lead the market
Looking closer at the figures, Meadowlands and its online partners FanDuel Sportsbook and PointsBet continued to lead the market in February. These operators generated a combined revenue of $11m, making up the majority of the state’s betting revenue.
Resorts Digital, which operates in partnership with DraftKings Sportsbook and Fox Bet, came in second place after generating $4m in revenue, representing a year-on-year increase of 8.1%.
Monmouth Park and its partner William Hill were the only other sportsbook operator in the state to generate more than $1m in revenue last month. According to the figures, the two companies generated a combined revenue of $1.2m, a 59.7% increase on last year’s figures.
However, Golden Nugget posted a loss of $444,311 for sports betting operations in February. This is a significant loss when compared to the $125,271 the licence holder lost this time last year.
Sports betting in New Jersey
Since the launch of sports betting in New Jersey last year, the market has seen considerable growth and has become the largest market for online gambling in the US.
The Garden State is currently home to 15 online and mobile sportsbooks, with several more set to enter the market in the coming months
New Jersey’s success can be attributed to the openness of the state’s betting market. The state’s regulations allow bettors to create online sportsbook accounts remotely from anywhere within the state, making it much more convenient to sign up and bet.