Sports bettors bounced back in a big way against New Jersey sportsbook operators in February.
Despite profits of over $8 million on the Super Bowl, it was a disappointing month for the online and retail operators that saw a 60% drop from January. The New Jersey Division of Gaming Enforcement reported
February revenue of $67.6 million, down from the all-time high of $170.8 million from the previous month.
The February handle of $1.1 billion was down 37% month-over-month. The hold of 6.3% was down from the impressive 9.9% in January.
The Garden State filled its coffers with $9.1 million in tax revenue.
Yearly Gains
Sport-by-sport figures were not released for February.
There was good news for New Jersey’s sportsbooks. Numbers are up from this time last year.
The February handle rose 27.6% from the same month in 2023 while revenue was up 27.9% year-over-year. Even better for casinos, racetracks, and their tethered partners, revenue for the first two months of 2024 reached $238.3 million, an 87.7% increase compared to the same period in 2023.
Online revenue plummets for operators
| Operator | Revenue |
|---|---|
| New Meadowlands (FanDuel, SuperBook, Fanatics | $33.5 million |
| Resorts Digital (DraftKings) | $24.2 million |
| Borgata (BetMGM) | $4.4 million |
| Hard Rock (Hard Rock Bet, bet365, Unibet) | $3.5 million |
| Tropicana (Caesars) | $-2 million |
| Freehold Raceway (ESPN BET, BetPark, PlayUp) | $-2.3 million |
Online sports betting made up $1.04 billion of the total handle in a month with a hold nearly two points below the average.
The Meadowlands tethers of FanDuel, SuperBook, and Fanatics combined to lead the Garden State with revenue of $33.5 million, but that was down from the previous month’s $109.3 million.
DraftKings, and its partnership with Resorts Digital, also saw a large drop from $40.3 million in January to $24.2 million in February.
The rest of the online landscape didn’t paint a pretty picture as four sportsbook partners finished with losses for the month. ESPN BET’s Freehold Raceway reported $2.3 million in the red in February.
Retail losses
Bettors also did well in retail as three brick-and-mortar sportsbooks lost money for the month. New Jersey produced $37.9 million in wagers with a combined revenue of $2.1 million. The Meadowlands still produced a solid month with revenue of $1.5 million in February.
