New Jersey fends off competition with $1.1bn in wagers for March
Fueled by March Madness, the Garden State continued its record of year-on-year growth.
New Jersey continues to be a sports betting powerhouse despite the growing competition at its borders.
The state’s sportsbooks recorded $1.1bn in bets for March, a 30.7% increase from last year’s $859.6m and a 13.7% boost from February.
The NCAA Tournament, better known as March Madness, played a vital role in this yearly and monthly growth. Indeed, Basketball as a whole brought in $667.3m in wagers during the month, up 51% from last year.
In total, sportsbooks won $66.4m in revenue during the third month of the year, up 115% from February. From this impressive revenue total, the state collected $9.1m in taxes.
Online sportsbooks made up the vast majority of betting during March, 93% to be exact, with FanDuel/PointsBet/SuperBook topping the charts with $33.7m in revenue. DraftKings/Fox Bet/ Resorts trailed behind in a distant second with $8.6m.
Retail sportsbooks took in $79.5m in bets, thus earning $5.2m in revenue.
These numbers are undoubtedly impressive, however, the state may feel an opportunity has been missed. With the ban on wagering on in-state collegiate teams, residents were unable to bet on the St. Peters as it reached the NCAA Tournament’s Elite Eight.
Meanwhile, the region’s online casinos continued their long march toward success last month, surpassing the $140m mark for the first time, growing 23.7% year-on-year. Moreover, poker rooms in the Garden State earned approximately $4.5m per day.
In total, online casinos raised $24.6m in state taxes.
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