New Jersey Sports Betting Handle Sees Usual February Dip
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New Jersey Stays Number One
With New York still not moving ahead with mobile sports betting, New Jersey continues to reap the benefits of them adding to an already large market. New Jersey had $742.9M and beat out Nevada by $188.9M. They dropped off from three straight months over $900M+ months, which they were over Nevada by $300M+. A 22% drop in February isn’t a big concern because Indiana saw a 21% dropoff as well and Nevada saw a 14% dropoff.
New Jersey also continues to have an edge over Nevada because they do not require registration to be in person, like Nevada. Having mobile and online betting and registration is a major plus for New Jersey.
Once New York approves mobile and online sports betting, which should be in 2021, New Jersey will see a drop in numbers. That won’t be in time for March Madness, so there is going to be a bounce-back for March numbers.
Who Is Thriving In New Jersey?
Operators had a small chunk of Super Bowl bets with $117M to help boost February numbers. Sports betting revenue was $46.2M and given the revenue was $17M in February, this is a positive trend. FanDuel continues to have a stronghold of the market with the Meadowlands. They had $27.2 million in revenue. Resorts Digital was next with $7.7M, which is partnered with their rivals DraftKings SPortsbook and FOX Bet. BetMGM was third with $5M in revenue.
Mobile betting gives New Jersey a major advantage, especially while New York is still in limbo passing the bill through. Over 90% of the wagers coming online. The market was expected to see a dropoff in February numbers but March Madness and NBA will be able to contribute to a bounceback month. Post-March there will be the beginning of the baseball season and then the playoffs will begin for both baseball and hockey.
