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New Jersey Sportsbooks Lose $4.5 Million on Super Bowl; Market Still Going Strong

New Jersey’s sportsbooks handled $320 million in wagers in February, FanDuel dominated the market for another month

New Jersey’s sportsbooks had another very good month, February financial data posted by the New Jersey Division of Gaming Enforcement showed. The state’s sports betting facilities handled $320.4 million in bets last month.

While the total amount wagered in February was still a reasonable result, it came as a bit of a disappointment to many, as it was the month of the Super Bowl. In addition, the February total represented a 16.8% decrease from a record $385.3 million wagered in January.

The state’s sportsbooks recorded a somewhat underwhelming Super Bowl handle. The amount of $35 million was wagered on the championship, and sports betting operators paid out well over $39 million. On the other hand, wagering activity on other sports, including the NBA and college basketball, added up to another good month for the state and its sports betting industry.

Digital sports betting was once again the leading wagering segment in New Jersey. The state’s online sportsbooks handled nearly $259 million last month, which accounted for 80.8% of all bets placed on the territory of the state.

New Jersey’s sports betting revenue totaled $12.7 million in February. While the reported figure is slightly disappointing, it should be noted that the state’s sportsbooks lost around $4.5 million on the Super Bowl.

Commenting on the February results, PlayNJ lead betting analyst Dustin Gouker said that the state’s sports betting market is “less driven by major events” and that last month’s numbers “bear that out.” Gouker went on to say that “the market’s consistency will eventually help New Jersey overtake Nevada as the largest legal sports betting market in the U.S.”

FanDuel Dominates the Market

FanDuel’s physical sportsbook at the Meadowlands Racetrack and its online operation dominated the New Jersey sports betting market in February. The operator’s online sportsbook surpassed that of its biggest local rival DraftKings last month, generating $6.6 million in revenue, up from $5.9 million the prior month. DraftKings Sportsbook suffered a 46% monthly revenue drop in February to record revenue of $3.7 million.

As for FanDuel’s brick-and-mortar sportsbook, it cemented its position as the market leader last month with revenue of $1.5 million, up from $1.2 million reported in January. It was followed by Resorts Atlantic City, which generated revenue of $142,846, and Hard Rock Atlantic City with revenue of $103,614.

Overall gaming and betting revenue amounted to $241.2 million last month, up 25.6% year-on-year. Atlantic City’s nine operational casinos recorded a 15.7% increase in revenue in February to $196.7 million. Online gaming revenue was up 44.4% last month to $31.7 million.

Commenting on the performance of the state’s Internet gaming industry, PlayNJ lead online gambling analyst Steve Ruddock said that New Jersey’s online casinos were “among the biggest beneficiaries of legalized sports betting.” Online gaming revenue has grown by at least a quarter in seven of the eight months since legal sports betting arrived in the Garden State, Ruddock pointed out.

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The post New Jersey Sportsbooks Lose $4.5 Million on Super Bowl; Market Still Going Strong appeared first on Casino News Daily.

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