Total sports betting handle in New Jersey was $989 million for February, dropping below $1 billion for the first time since August despite some help from the Super Bowl. Although that’s traditionally the biggest day of the year for betting, betting fatigue often makes for a slow end to the month as bettors save up to have another go during March Madness.
While February often sees a leveling off of betting activity following the conclusion of the NFL postseason and before the postseason for the NBA and NHL, there has also been a broader slowdown for the betting industry. Total handle for February 2025 was 8.4% below the same month last year.
March will likely see a temporary rise due to the NCAA basketball tournament. However, after that, early summer is a predictably slow time of year with few popular sports to bet on.
Operators saw an increase in gross revenue
Despite the lower handle, New Jersey sports betting operators still had a successful month. Thanks to a decent 7.4% hold percentage, they recorded gross revenue of $73.6 million. That’s an increase of over 9% relative to last February, when hold was weak.
Hold reflects the percentage of total wagers retained by the sportsbooks, after paying out player winnings. It’s largely dependent on the number of upsets in month, which tend to favor the house, while wins by favorites benefit players.
Through February, gross revenue from sports betting in New Jersey sits at $195.8 million, a 17.9% drop compared to the first two months of 2024.
Super Bowl LIX raked in $168 million in bets
The New Jersey Division of Gaming Enforcement reports that Super Bowl LIX accounted for $168 million of the betting dollars in February 2025. That would represent most of the betting activity on the game, but some other bets may have been placed in January and been counted for that month. The $168 million bet on the big NFL game represents 16.9% of all wagers in February.
New Jersey betting activity for the Super Bowl would be expected to have been strong considering the presence of a “local” team in the game, the Philadelphia Eagles. But while the Eagles’ victory will surely have reduced the hold for sportsbooks in Philadelphia, that result appears to have been more neutral in the Garden State.
Online sportsbooks accounted for 96% of all bets placed
The convenience of online sports betting apps continues to resonate with New Jersey sports bettors. Last month, $949.6 million of the total handle was placed using mobile betting apps. Retail sportsbooks accepted $39.3 million in sports betting wagers in February.
These were the leaders among New Jersey online sportsbooks based on total gross revenue for Feb. 2025:
- FanDuel: $33.9 million
- DraftKings: $21.8 million
- BetMGM Sportsbook: $6.1 million
- Hard Rock Bet/bet365: $4.9 million
- Bally Bet: $3.8 million
- Fanatics Sportsbook: $3.4 million
- ESPN BET: $1.5 million
- Caesars Sportsbook Tropicana: $1,019,178
- Caesars Monmouth: $813,655
- Caesars Sportsbook Harrah: $235,471
