New Jersey's Sports Betting Handle and Revenue Suffers February Decline

February 2023’s hold of 6.5% also marked the second consecutive month under 7% after December’s figures topped out at over 8%.

Mar 17, 2023 • 14:25 ET • 4 min read
Michael McLeod New Jersey Devils NHL
Photo By - USA TODAY Sports

If there was a month to end New Jersey’s streak of four consecutive billion-dollar handles for legal sports betting, it was going to be the shortest one of the year.

With just one marquee football game, February still produced a solid $847.4 million in sports betting wagers, thanks to the Super Bowl and 95% of the handle coming through online sports betting sites. However, the handle was down 14% from the $985.6 million wagered in February 2022 and a decrease from the $233 million a month prior. 

According to numbers released by the New Jersey Division of Gaming Enforcement this week, the Garden State hauled in $54.6 million in revenue, which fell 24% month-over-month but was up 76% from last year’s $30 million in revenue. February 2023’s hold of 6.5% marked the second consecutive month under 7% after December’s figures topped out at over 8%.

Despite some of the lower numbers compared to the previous month, sports betting in New Jersey still reported $7.1 million in tax revenue.

The New Meadowlands see its numbers slide

February represented another month of The New Meadowlands' partnerships with FanDuel, SuperBook, and PointsBet combining for a state-best $32 million in retail and mobile combined revenue. However, despite those figures, New Meadowlands took a hit with $15 million less in revenue than the previous month.

Meanwhile, DraftKings and FoxBet helped Resorts Digitial gross nearly $12.3 million through mobile, only about $400,000 off from January's total. 

Through the Borgata Casino, BetMGM claimed $4.4 million in revenue while Tropicana (Caesars) garnered $2.3 million.

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