On Thursday, the New Jersey Division of Gaming Enforcement (NJDGE) released a report showing that the state’s sports betting and gaming industry had a mixed performance in February.
🎯 Sports Betting Handle
February’s sports betting handle in New Jersey saw a total of $847.4 million, which is a 21.7% decrease from January’s $1.08 billion, as expected for most states. However, Garden State’s sportsbooks are predicting a boost in the handle due to basketball bets in March Madness.
Compared to February 2022, the handle also decreased by 14%, which could be due to the launch of mobile wagering in New York in January 2022, enticing bettors away from New Jersey. For years, sports fans in New York had to go to neighboring states, mostly New Jersey, to place bets.
Revenue from sports betting in New Jersey dropped by 24.5% from January but significantly increased by 76.9% compared to February 2022. The mobile betting market dominated the sports betting market in February, accounting for 94.6% of the total.
|Total Handle||Mobile Handle||Revenue|
|February 2023 vs. January 2023||Down 21.7%||Down 21.2%||Down 24.5%|
|February 2023 vs. February 2022||Down 14.0%||Down 10.9%||Up 76.9%|
🎲 Gaming Revenue
The gaming revenue for February amounted to $412.2 million, showing a 4.7% decline from January but a 10.4% increase compared to February 2022. However, the internet gaming revenue for February went up by 9.7% from the previous year.
According to Jane Bokunewicz, who is the faculty director of the Lloyd D. Levenson Institute of Gaming, Hospitality, and Tourism (LIGHT) at Stockton University’s School of Business, February 2023 performed better than any other February since 2013, despite falling $4 million short of pre-pandemic February 2020.
Jane Bokunewicz, the faculty director of the Lloyd D. Levenson Institute of Gaming, Hospitality, and Tourism (LIGHT) at Stockton University’s School of Business, stated that February 2023 had the best performance of any February since 2013, even though it fell $4 million short of pre-pandemic February 2020.
Internet gaming accounted for almost 40% of the total gross gaming revenue share year-to-date, and it remained an essential component of the revenue mix for the Atlantic City gaming industry.
Real money online casinos are permitted in only a handful of US states and New Jersey is one of them. Pennsylvania, Delaware, Connecticut, West Virginia, and Michigan are also included.