New Jersey Failed to Pass $1 Billion in Sports Betting Handle For First Time Since August
For the first time since August, sports betting in New Jersey handle failed to clear the $1 billion mark.
The state took in $985.6 million in bets during February, down 26.9% from January’s $1.3 billion but was 32.7% more than February 2021’s $743 million.
New Jersey’s online sports betting handle was $899.6 million, a decrease of 25.6% from January’s $1.2 billion and 30.5% more than February 2021’s $689.2 million. Mobile betting made up 91.3% of the sports betting market during February.
February’s sports betting revenue was $30.9 million, a decrease of 48.7% from January’s $60.2 million and a 33.2% decrease from February 2021’s $46.2 million.
The lower sports betting handle isn’t a surprise to see in February. Besides the Super Bowl, there are no marquee football games to bet on. The month is also the shortest of the year, meaning there are fewer days for wagers to be made and contribute to the overall monthly handle.
New Jersey Sports Betting, February vs. January
| Total handle | Mobile handle | Revenue | |
|---|---|---|---|
| February | $985.568M | $899.632M | $30.873M |
| January | $1.349B | $1.210B | $60.196M |
| Change | Down 26.9% | Down 25.6% | Down 48.7% |
New Jersey Sports Betting, February 2022 vs. February 2021
| Total handle | Mobile handle | Revenue | |
|---|---|---|---|
| February 2022 | $985.568M | $899.632M | $30.873M |
| February 2021 | $742.953M | $689.249M | $46.214M |
| Change | Up 32.7% | Up 30.5% | Down 33.2% |
New Jersey Gaming Numbers
New Jersey’s total gaming revenue came to $373.3 million, down 2.2% from January’s $381.7 million and 29.5% higher than February 2021’s $288.3 million.
The state’s internet gaming win was $129.9 million, a 5.7% decrease from January’s $137.8 million and 38.6% higher than February 2021’s $93.8 million.
New Jersey College Sports Betting Limited
Both Rutgers and Seton Hall are in the NCAA March Madness tournament, but New Jersey residents won’t be able to place any bets on the Scarlet Knights or Pirates. New Jersey remains one of the states where betting on in-state teams is not permitted.
Voters had the opportunity to change this restriction back in November but rejected the ballot question. The ballot questions asked voters if New Jersey should amend the state constitution to expand the sports betting law to allow wagering on in-state teams and events. Nearly 57% voted no.
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