Wednesday brought confirmation of what we already suspected: the Super Bowl took its toll on NJ sports betting revenue last month.
New Jersey sports betting produced $320 million in handle in February, a reasonable but slightly underwhelming total for the month of the Super Bowl. By comparison, bettors put up a state-record $385 million in January.
For the second consecutive month, more than 80 percent of all wagers were placed via mobile or online — $258 million in total.
Where the pain really can be seen is in revenue. NJ sportsbooks held just $12.7 million in February, equivalent to a 3.9 percent win.
There is a silver lining for NJ sports betting though. Considering New Jersey operators lost $4.5 million on the Super Bowl alone, coming within shouting distance of Nevada’s historical hold of just more than 5 percent looks much better.
FanDuel Sportsbook wins the month again
For the second time in three months, FanDuel Sportsbook came out ahead of all NJ sports betting competitors.
FanDuel Sportsbook posted nearly $6.6 million in digital revenue in February, keeping pace with its $7 million from last month. (While Meadowlands Racetrack does not separate digital revenue between licensees FanDuel Sportsbook and PointsBet, sources tell Legal Sports Report that FanDuel accounts for 90-95 percent of that revenue.)
What’s remarkable about that number: FanDuel Sportsbook lost big money on the Super Bowl, with some estimates around $1 million.
DraftKings Sportsbook has an off month
Top competitor DraftKings Sportsbook pulled in around $3.7 million in NJ sports betting digital revenue in February. That represents a big drop from the $6.9 million held in January.
A DraftKings Sportsbook spokesman said the Boston-based company took a loss of more than $1 million. The operator paid out $11 million overall on the biggest single-game betting event of the year.
NJ sports betting revenue breakdown
|Property (Online)||Digital||Retail||Feb. total||Jan. total|
|Bally’s Wild Wild West (Caesars, 888)||$223,339||-$40,848||$182,491||$448,596|
|Golden Nugget (Golden Nugget, BetAmerica)||$34,018||-$159,289||-$125,271||$24,646|
|Meadowlands (FanDuel, PointsBet)||$6,585,289||$1,498,037||$8,083,326||$6,339,001|
|Monmouth Park (William Hill, SugarHouse)||$1,276,182||-$501,873||$774,309||$1,808,955|
|Ocean Resort (William Hill)||$1,026,673||-$280,656||$746,017||$1,148,261|
|Resorts (DraftKings, BetStars)||$3,716,608||$142,846||$3,859,454||$6,445,978|
See the full report from the NJ Division of Gaming Enforcement here.
The post Handle Not Bad As Super Bowl Dings NJ Sports Betting Revenue In February appeared first on Legal Sports Report.