February Sees Sports Betting Calm Before Storm Of March Madness
The seasonal nature of the sports betting industry meant February saw a decline in handle across many states compared to January. Although the Super Bowl is the single biggest betting event in the calendar, it signals the end of the NFL season. However, when compared to February of last year the legal sports betting market continues to see significant growth.
The Garden State saw $743 million in handle in February, down from $959 million in January. However, this is a massive increase on February 2020 when $495 million was wagered. $117 million of the 2021 tally was bet on the Super Bowl.
Pennsylvania saw a decrease from $615 million wagered in January to $510 million in February.
After a strong opening ten days at the end of January, February was a record-breaking month for the Great Lakes State. With $302 million wagered, Michigan now boasts the biggest full opening month of any state since sports betting became legal.
Sports fans in the Hoosier State bet a total of $274 million in February, down from $348 million in January. March is likely to prove a big month as Indiana is the host of the 2021 NCAA Men’s Basketball Tournament.
Iowa saw a very steady level of wagering with a total of $144 million in February. This is only a marginal a decrease from the $150 million in January.
As is normal, Illinois reports later than other states and has now confirmed a record $582 million in total handle for January. This is a sizeable increase on December’s total of $492 million and cements Illinois’ position as one of the Top Five sports betting states in the country.