The New Jersey Division of Gaming Enforcement reported on Monday $66 million in sports betting revenue for February, the lowest total in more than a year.
Operator winnings were down 10.3% from last year, which was softer than the 14.4% decline in handle to $846.4 million. It was the softest revenue total since sportsbooks kept $62.8 million in December 2024.
The 7.8% hold, the highest for New Jersey operators in the month of February, was also the lowest overall in nearly a year, despite reaping $38.7 million from all Super Bowl-related wagers. The state collected $13.9 million in tax receipts, and former Gov. Phil Murphy’s rate increase to 19.75% for mobile operators at the start of Fiscal Year 2025-26 has contributed to a $70.1 million increase in revenue for state coffers compared to the previous fiscal year.
A rare February win for the house
The $7.4 million net win on football wagers in February was an all-time high in the post-PASPA era and a positive revenue swing of nearly $11.7 million compared to 2025. New Jersey sportsbooks have an all-time net of minus $5.4 million spanning eight Februarys of betting on football.
Parlays accounted for most of the February revenue, as operators reaped close to $46 million, with a pedestrian 17.5% win rate against $262.5 million worth of wagers. The hold on the multileg bets was down 5.6 percentage points from last year, as winnings shrank 27.5%.
Basketball provided another notable chunk of revenue at $12.2 million, though wagering plunged 23.7% to $320.5 million. The 3.8% hold was up nearly three-quarters of a percentage point, lessening the corresponding decline in revenue to 6%.
Revenue from the catch-all “other” category, which includes hockey, soccer, tennis, golf, table tennis, and mixed martial arts, dipped 21.4% to $8.8 million. There was another three-quarters of a percentage point swing in the hold here, but this one went in the public’s favor down to 4%.
FanDuel, DraftKings deal with the dips
FanDuel and DraftKings held their customary 1-2 spots in revenue and both absorbed double-digit percentage declines compared to 2025. FanDuel accrued $29.6 million in winnings, 12.8% lower than last year. It was, however, also enough to surpass $1 billion in revenue since the NJDGE began breaking out individual licensee numbers in January 2024.
DraftKings, meanwhile, had a 10-month streak of $20 million or better in revenue snapped after finishing with $17.3 million. That was down 14.9% from a year ago and its lowest total since claiming $15.7 million in December 2024.
BetMGM, bet365, and Fanatics were tightly clustered in the third through fifth spots and separated by less than $290,000. BetMGM grabbed the final podium spot with $4.8 million, which was $116,430 better than bet365. It was another $172,416 down to Fanatics’ haul of $4.5 million.
Retail sportsbooks were held under $1 million in revenue for the second straight February, finishing with just $215,500 and a 0.9% hold against $25.1 million handle. The Borgata absorbed a $297,200 loss, growing its all-time February wagering net loss to $3.1 million.
