In February 2022, online and retail sportsbooks in New Jersey recorded wagers totalling $1bn. This is 27% lower than the previous month, with wagers in January 2022 reaching a record breaking $1.35bn. However, February 2022 wagers were 33% up on those recorded in February 2021 which reached just $734m.
The breakdown of this $1bn total looks like this:
Bets in the state of New Jersey totalled $985.6m, which contributed to a revenue reduction of $30.9m. This is 95% lower than January's total revenue of $60.2m and almost 40% lower than the $46.2m revenue total seen in February 2021.
The Impact of New York Entering the Online Sports Betting Scene
PlayNJ.com analyst David Danzis notes that New Jersey's online and retail sportsbooks appear to be following historical patterns which naturally vary from season to season. Danzis emphasized that sportsbooks appear to have only been minimally affected by the recent entrance of New York into the online sports betting landscape.
As the landscape could have been completely transformed by this entrance, everyone with a vested interest in the success of New Jersey's sportsbooks is undoubtedly relieved at the state's consistently strong performance. It is clear that operators successfully made the necessary adjustments in order to ensure that the state of New Jersey retained its position as one of the top-performing markets in the United States.
The Continued Success of the Super Bowl and Basketball
The Super Bowl had a significant impact on this overall level of success. In fact, New Jersey posted a state record for non-parlay wagering totalling $143.7m. Crucially however, the importance of Basketball to the state's continual success cannot be overstated. Throughout February, bettors placed wagers totalling more than $503m on the sport of Basketball alone.
Danzis added that NBA's consistent popularity has ensured that sportsbooks in the state of New Jersey have been kept comfortably busy, which has bolstered overall figures, particularly as the post-Super Bowl lull affected the vast majority of the other legal markets.
The Power of the Online Marketplace
Notably, online sportsbooks accounted for more than 90% of the total February handle across New Jersey. In fact, online wagering reached an impressive $899.6m in total. $14m of that overall total came from PointsBet/SuperBook/FanDuel and an additional $8.6m was added by Fox Bet/DraftKings/Resorts.
Total revenue from online casinos and poker offerings totalled $130m. While this figure was 6% lower than the total recorded in January 2022, it was almost 40% higher than the figure recorded in February 2021.
These impressively high figures have ensured that the state of New Jersey has maintained its streak of taking more than $1bn worth of wagers in every four-week period since September 2021.
While nothing is ever certain in this landscape, New Jersey has thus far managed to retain its title as a true leader in the U.S. market. PlayUSA.com Network analyst Eric Ramsey predicts that New York is primed to take its place in the number one spot, however, given the Garden State's continually strong performance, that may not be quite as clear cut as many thought at the end of 2021.
