Wagering on the Super Bowl pushed New Jersey‘s online and retail sportsbooks to a strong February, albeit short of $500m in handle for the first time since October. The concern for sportsbooks, however, is what lies ahead say PlayN analysts, with leagues suspending or considering delaying games and tournaments.
The Garden State’s online and retail sportsbooks made an impressive year-on-year leap in handle to $494.8m, up 54.4% from $320.4m in February 2019. They generated $54.2m in Super Bowl bets, but that fell behind Nevada with $156.8m. Still, it could yet surpass Nevada, which posted a $458.6m in handle in February 2019.
Despite losing $4.3m on the big game, New Jersey sportsbooks managed to produce $17m in gross revenue, resulting in $2.2m in tax revenue for the state. Basketball, which produced a $6.6m win on $219.3m in wagers, helped sportsbooks overcome the Super Bowl loss.
“New Jersey’s year-over-year gains remained impressive in February, but we are in uncharted territory now,” said Dustin Gouker, lead analyst for PlayNJ.com. “Obviously there are bigger concerns with coronavirus, but the NBA is a major revenue driver for New Jersey’s sportsbooks. So the suspension of the season, in addition to suspensions of other sports, will undoubtedly have a significant effect.”
Online betting generated $436.5m in wagers, 88.2% of the state’s handle in February. FanDuel Sportsbook/PointsBet led the way with $9.6m in gross revenue from online betting, down from $22.2m in January.
FanDuel Sportsbook at The Meadowlands again capitalized on the New York market. The retail market leader posted $1.4m in gross revenue, up from $4.3m in January.