New Jersey’s sports betting handle decreased by 14% year-on-year to $847.4 million in February, according to new figures from the Department of Gaming Enforcement.
It ended a run of four consecutive months with a handle of more than $1 billion for the Garden State.
New Jersey sportsbooks have now reported a 17.3% decline in wagering volume for the first two months of 2023 compared to the same period last year.
They can no longer rely on New Yorkers crossing over the border to bet on sports, as New Jersey’s larger neighbor now has its own, established online sports betting industry.
Legalization in New York did not initially have a major impact on New Jersey’s figures, but it is now starting to bite.
Garden State sportsbooks were left with gross revenue of $54.6 million in February, which represented a 77.7% increase on the $30.9 million generated a year ago.
That could be down to the Philadelphia Eagles losing to the Kansas City Chiefs at Super Bowl 57.
New Jersey sportsbooks reported a hold rate of 11.7% on the Super Bowl, which was likely down to Eagles fans in the south of the state backing their team to beat the Chiefs. It ensured they generated $12.8 million in revenue from the big game.
Total gaming revenue for the month was $412.2 million in New Jersey last month. Land-based casino revenue was up 1.6% compared to January, but there were declines for online casino gaming and poker.
