Super Bowl Wagering Gives New Jersey Strong February

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Wagering on the Super Bowl nudged New Jersey’s online and retail sportsbooks to a strong February, for the first time since October, albeit short of $500 m in handle. However, the problem for sportsbooks is what lies ahead, PlayN experts claim, with leagues stopping games and tournaments or considering delaying them.

The online and retail sportsbooks from the Garden State made a remarkable year-on-year jump in handle to $494.8 million, up 54.4 percent from $320.4 million in February 2019. In Super Bowl bets they produced $54.2 m but that fell with $156.8 m behind Nevada. Nevertheless it could also overtake Nevada, which in February 2019 reported a $458.6 m in manage.

While losing $4.3 million on the big game, New Jersey sportsbooks managed to raise $17 million in gross sales, resulting in $2.2 million in state tax sales. Football, which generated a $6.6 m profit in wagers for $219.3 m, helped sportsbooks solve the loss of the Super Bowl.

Dustin Gouker, lead analyst for PlayNJ.com said: “New Jersey’s year-over-year gains remained impressive in February, but we are in uncharted territory now

“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.”

Internet betting in wagers provided $436.5 m, 88.2 percent of the state’s February handle. FanDuel Sportsbook / PointsBet has led the way with $9.6 m in gross online betting sales, down from $22.2 m in January.

Once again FanDuel Sportsbook capitalised on the New York market at The Meadowlands. The industry leader in retail has reported $1.4 m in gross sales, up from $4.3 m in January.

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