Having the neighboring Philadelphia Eagles in the Super Bowl wasn’t enough to boost year-over-year sports betting action in the Garden State.
February’s handle of $988.9 million was down 8.4% from the $1.08 billion wagered in the same month of 2024. It’s the lowest monthly handle produced since August as well as the first under $1 billion.
However, a more operator-friendly Super Bowl LIX led to better profits than the previous year. The New Jersey Division of Gaming Enforcement reported gross revenue of $73.6 million, which was 9% more year-over-year. The Eagles’ win over the Kansas City Chiefs accounted for $168 million of the month’s handle and over $25 million in revenue.
Online sports betting accounted for $949.6 million of the total handle in New Jersey while retail sportsbooks generated $39.3 million in wagers for the month.
Hold falls month-over-month
February’s 7.4% hold was more than a point higher than in 2024 and the fourth win rate under double digits in the last five months. It was down from the 10.6% hold produced in January when operators hauled in $122.2 million on a $1.15 billion handle.
The Garden State filled its coffers with $9.5 million in February, running the two-month tax revenue total to over $26 million.
Operator revenues drop
| Online Operator | February Revenue | January Revenue |
|---|---|---|
| FanDuel | $33.9 million | $53.1 million |
| DraftKings | $20.3 million | $35.6 million |
| BetMGM | $5.9 million | $7.4 million |
| bet365 | $4 million | $4.8 million |
| Fanatics Sportsbook | $3.4 million | $6.8 million |
| Caesars | $1.2 million | $4 million |
FanDuel led all New Jersey sports betting operators with $33.9 million in gross revenue, but profits were down 36% month-over-month. DraftKings cleared $20.3 million, more than $15 million less than in January.
BetMGM’s $5.9 million in gross revenue was good for fourth in New Jersey, while bet365 came in fourth with $4 million in profits.
Fanatics Sportsbook was the only other operator to reach $3 million. ESPN BET jumped into the top six with a $1.5-million monthly profit because Caesars suffered a significant drop in revenue, going from $4 million in January to $1.2 million in February.
Other New Jersey news
iGaming produced $207.8 million in revenue during February. Profits were up 14% from $182.3 million in February 2024.
More competition is coming to the Garden State later this year. Soft2Bet told Covers this week that it plans to operate an online sportsbook and casino beginning this summer, pending regulatory approval. It would be the B2B and B2C gaming company’s U.S. debut.
A Garden State lawmaker who originally wanted to legalize sweepstakes gaming reversed course this week and introduced a bill that would ban the controversial social gambling sites.
