The figure is, however, a 33% increase from the $734m in February 2021.
The state’s sportsbooks attracted $985.6m in bets for the month, with revenue dropping $30.9m. That’s a 95% decline from the $60.2m reported in January, and down 39% from the $46.2m reported in February 2021.
“New Jersey’s online and retail sportsbooks continue to follow the same historical seasonal patterns, showing only a modest impact from New York’s entry into the online sports betting space,” said David Danzis, an Analyst for PlayNJ.com, which tracks gaming developments in the state.
“That is a cause for relief for those that are heavily vested in the success of the state’s industry, including the state itself.”
A key driver for the results was the Super Bowl, with a state record $143.7m in non-parlay wagering. Basketball, however, remains crucial to the state’s sports betting market, with bettors placing $503.1m in wagers on the sport over the 28 days of February.
“The popularity of the NBA in particular has always kept New Jersey’s sportsbooks relatively busy in February even as most other legal markets suffer a post-Super Bowl hangover,” Danzis added.
Accounting for 91% of New Jersey’s February handle was online sportsbooks, drawing $899.6m in wagering. FanDuel/PointsBet/SuperBook led the way with $14m in revenue, followed by DraftKings/Fox Bet/Resorts with $8.6m.
Online casinos and poker revenue meanwhile amounted to $130m, down 6% from January but up 39% from February 2021.
