While Sunday’s Super Bowl helped the state of Nevada earn its second-highest handle and hold figures, New Jersey sportsbooks have bled for the second year straight. The match between San Francisco 49ers and Kansas City Chiefs has resulted in yet another Super Bowl loss for the state.
Response better than expected
The New Jersey Division of Gaming Enforcement (DGE) released preliminary data showing a handle of $54.8 million. This marks a 56% increase in wages since last year’s NFL event when the total wagers were only $34.8 million. Regional President for Caesars Entertainment, Ron Baumann said that they sold all seats and the response exceeded their expectations. Sportsbooks in Atlantic City also remained busy alongside two horse racetracks on Sunday but the house had to pay a high price for increased activity.
The DGE estimates the state’s sportsbooks to have lost $4.28 million during the game, marking a 7.8% negative hold. Last year, oddsmakers lost $4.57 million on Super Bowl handles. It is unclear which properties suffered the most. DGE suggests that 19 mobile and 10 retail sportsbooks participated in the event. The industry assumed to have received a big chunk of their bets from online sportsbooks.
The record isn’t great for New Jersey
New Jersey’s gaming industry may need some introspection after they lose millions in the most-bet sporting event in the country. Nevada sportsbooks have lost 2 out of the last 29 Super Bowls. New Jersey has participated in just two and lost them both.
The state has only been active in the sports betting scene since June 2018, and the market is growing quickly. Various operators are still busy in establishing themselves in the state, making New Jersey a hotbed for sports betting. It is likely that oddsmakers in the state are not concerned with losses right now. They are offering numerous promotions, no-risk first bets, refunds on bad betas and even insurance to users.
They are focusing on building a strong customer base instead of short-term profits.