New Jersey Sports Betting Dips Below $1 Billion in February
New Jersey’s sports betting market saw its handle slip below the $1 billion mark in February, the first time since August, totaling $988.9 million in wagers. This is also an 8.4% drop from February 2024’s $1.08 billion. Despite the decline, operators posted $73.6 million in gross revenue, a 9% uptick year-over-year, driven by a solid 7.4% hold percentage.
Super Bowl and Online Dominance
February’s betting action leaned heavily on Super Bowl LIX, which accounted for $168 million, or 16.9%, of the month’s handle.
Online sportsbooks carried the load, handling $949.6 million, or 96% of all wagers, while retail sportsbooks at Atlantic City casinos and North Jersey racinos logged a modest $39.3 million.
Revenue-wise, the state collected $9.5 million in taxes, with $9.4 million from online bets and $161,488 from retail locations.
The handle’s 8.4% drop from last February aligns with a post-Super Bowl slowdown, January 2025’s $1.15 billion handle shows the seasonal peak. February figures set the stage for a March rebound with NCAA March Madness in full swing.
Top Performers in the Garden State
FanDuel led the pack among online operators, pulling in $33.9 million in gross sports betting revenue for February. Paired with Golden Nugget Atlantic City, it also notched $44.1 million in internet gaming revenue.
DraftKings followed with $21.8 million in sports betting revenue, though its Resorts Casino Hotel partnership reported $20.3 million alongside $43.1 million in online gaming.
BetMGM Sportsbook, tied to Borgata, posted $6.1 million in sports revenue ($5.9 million via Borgata), plus $28.2 million from internet gaming.
Hard Rock Bet and bet365 together hit $4.9 million in sports revenue, with bet365 alone at $4 million and Hard Rock’s standalone internet gaming at $9.9 million.
Bally Bet raked in $3.8 million from sports, with Bally’s adding $4.7 million in online gaming. Fanatics Sportsbook, active in New Jersey since May 2024 with Bally’s, earned $3.4 million ($3.5 million via the partnership).
ESPN BET brought in $1.5 million, while Caesars Sportsbook varied by location: $1 million at Tropicana (plus $14 million in internet gaming), $813,655 at Monmouth Park, and $235,471 at Harrah’s.
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