NJ’s Billion-Dollar Streak Comes To An End In February

New Jersey’s sportsbooks suffered through a difficult month in February. New Jersey’s sports betting handle dipped 26.9%, snapping their $1B handle streak.

New Jersey’s sportsbooks had a rough month in February, with sports betting handles down a significant 26.9%.
The decrease in handle led to New Jersey losing its five-month streak of generating a sports betting handle of at least $1B.

TRENTON, N.J. – February was a difficult month for New Jersey’s sportsbooks, according to data released by the New Jersey Division of Gaming Enforcement this week.

New Jersey Sportsbooks See Rough February

In February, sportsbooks in New Jersey turned over $985.6 million in wagers; the books held just 3.1% of that figure for $30.9 million in sports betting revenue, according to the report.

That revenue figure was the lowest mark for New Jersey since July 2020.

The over $985 million handled by New Jersey’s sportsbooks in February represents a 26.9% decrease from January, which was a historically strong month for New Jersey.

There are a few reasons for this decrease – first, there was significantly less opportunity for bettors to place wagers in February than in January.

January features the bulk of the NFL Playoffs, as well as a week of regular-season matchups. While the Super Bowl took place in February, January’s NFL slate provided significantly more opportunities for bettors.

In January, sportsbooks in New Jersey turned over a $340.3 million NFL betting handle; in February, the sportsbooks turned over just $143.7 million in NFL wagers.

Adding to the situation is the fact that the NBA and NHL both take their annual all-star breaks in February.

Not Just New Jersey – Handles Down Nationwide

While New Jersey is sure to be disappointed by their February financial figures, the drop in handle and revenue in February is an observable trend at sportsbooks throughout the United States.

For example, Iowa’s sportsbooks saw a 28.8% decrease in handle between January and February; Tennessee’s sportsbooks saw an 18.8% decrease, while sportsbooks in Indiana dropped 18.2%.

Even the star of the United States sports betting industry – New York – saw a 9% drop in sports betting handles month-over-month.

While New Jersey may take some comfort in the handle dips of other states, New Jersey may be slightly worse off than they are.

Compared to last February’s sports betting figures, New Jersey’s sportsbooks saw a handle increase of 32.7% this February. For example, the aforementioned Iowa saw year-over-year handle growth of 50.3%; Tennessee and Iowa saw year-over-year growths of 77.7% and 49.4%, respectively.

While these figures may be enough to worry sportsbooks, they should not hit the panic button just yet. New Jersey has outperformed expectations since New York’s mobile sportsbook launch in January, and March – featuring one of the top sports betting attractions, March Madness – is a historically strong month for sportsbooks.

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Jerad Paparella

Jerad has been a welcomed addition to the LegalSportsBetting.com writing team. Covering topics regarding the expansion of sports betting in the US, Jerad focuses on legislative efforts, bill signings and other methods for sports betting legalization. Finishing his education as a college baseball player, Jerad has first-hand knowledge of competitive sports, paired with years of personal sports betting as well. As a political science major at the University of Central Florida, Jerad covers the political, legal, and legislative aspects of sports gambling without any issues.