New Jersey Misses $1bn Monthly Sports Betting Revenues
Sportsbook operators in New Jersey fell short of the magical $1bn threshold for the first time in over half a year. However, the miss was negligible. In February, resident punters placed $985.6m in wagers, a 27% downturn on the previous month. Nevertheless, this was still a colossal 31% uplift on February 2021, although the impact of ongoing coronavirus restrictions may skew this comparison slightly.
Online channels continued their domination of the market, with 91% of all stakes processed through mobile platforms. Overall gross gaming revenue registered at $30.9m, almost halving the total accrued in the first month of the year.
However, local stakeholders were braced for a dip in performance, with February being a relatively lean month in terms of events. The Superbowl injected significant revenue over Valentine’s weekend, but the absence of football after this point served to undermine the overall number.
Hopes remain high for a full recovery in March, with the NCAA tournament providing a fantastic opportunity for operators to return to familiar heady heights. However, in line with a piece of local legislation, players are unable to back collegiate sides located within New Jersey’s state borders. Therefore, popular outfits Rutgers Scarlet Knights and Secton Hall Pirates cannot be wagered on by local residents. Voters did have an opportunity to overturn this bill back in November 2021, but decided against it at the ballot box. A slim majority of 57% voted for the preservation of this directive.
New Jersey’s booming sports betting market will likely be back to full strength come the announcement of March’s numbers. The ‘Garden State’ has been a frontrunner in the nation’s fledgling sportsbook sector, and has recently been branded ‘Vegas East’ by industry commentators.
