Studies of the loss of life of New Jersey’s sports activities betting market have been significantly exaggerated and had been, if nothing else, extraordinarily untimely. Regardless of having to compete with a newly opened regulated market in close by New York, NJ operators pulled in almost $1 billion in wagers for the month of February, 2022.
In keeping with the New Jersey Division of Gaming Enforcement, Backyard State sportsbooks pulled a deal with of $985.6 million in the course of the month. That’s much more than many business watchers predicted, however nonetheless marks a 26.9 % drop over January’s $1.35 billion, which was the very best NJ has ever seen.
Whereas competitors from newly opened New York sportsbooks definitely shaved some enterprise from New Jersey operators, all US operators probably felt a dip of some form in February. With solely the Tremendous Bowl driving soccer wagering, and March Insanity on the horizon, it’s definitely a transitional month.
PlayNJ.com analyst Dave Danzis echoed that sentiment in a recet report saying, “New Jersey’s on-line and retail sportsbooks proceed to observe the identical historic seasonal patterns, exhibiting solely a modest impression from New York’s entry into the net sports activities betting area.”
“That may be a trigger for reduction for these which can be closely vested within the success of the state’s business, together with the state itself,” he added.
Regardless of how relieved these traders had been, sports activities betting operators’ income was comparatively anemic for the month, taking dwelling simply $30.9 million. That’s a drop of virtually 40 % from final February, 2021 and a 98 % drop from January.
In brief, New Jersey’s sports activities betting market could also be cooling down, however if you go from purple sizzling to merely scorching, you possibly can nonetheless be doing fairly nicely.