New Jersey is one of the largest betting markets in the country. Even global news reports on gambling use New Jersey as a great example of a healthy and growing sports betting market. With sports betting legislation that supports multiple channels and allows a wider scope of betting options, its no surprise that they are a benchmark of a good market. However, February seems to be an off month for the Garden State, as the New Jersey sports betting handle for the month drops by 22.5% from the previous month.
Many bookie pay per head sportsbooks are in a similar situation, and it seems to be a common theme every February. For one, there is one less weekend in the month for wagering. In the case of New Jersey, January’s total handle is $958.7%. February’s handle is at $743 million. This is the first time in three months that the total handle of the state is below the $900 million mark.
New Jersey Sports Betting Market
Despite the dip this month, the state still performs better than February 2020, as this February’s handle is 50.1% higher than last year’s $494.8 million. As most who run a sportsbook know, the demand for online wagering continues to grow, even if there are slight dips along the way. Which is why many are looking at the Top Sportsbook Pay Per Head of 2021, because taking your sportsbook to an online platform is more popular, and profitable than ever.
Looking at other key numbers in the state, the New Jersey mobile betting handle for February is $689.249 million, down by 22.3% of January’s $886.656 million. Revenue for the state is also down by 44.1%. January’s revenue is $82.641 million, while February’s is only $46.214 million. The total handle of the Super Bowl for the state is $117.4 million. Experts are optimistic that New Jersey may hit the $1 billion mark for March, as March Madness will be driving in more betting action for the month.