Home > Sports betting > March Madness Sports Betting in New Jersey Exceeds $1 Billion

March Madness Sports Betting in New Jersey Exceeds $1 Billion

march madness sports betting revenue

In March, sports bettors in New Jersey failed to make money on college basketball underdogs enjoying vital tournament runs, and the bookmakers won.

According to figures by the State Division of Gaming Enforcement, New Jersey bookmakers, they made $93 million in excess of $1.025 billion in legal bets last month.

March’s sports betting income is the third-highest month in New Jersey’s five-year history of legalized sports betting. The 9% hold (the amount remaining after the winning wagers are paid out) is over two percent greater than the state average.

Last month’s total bet was 8.5% lower than in March 2022, while revenue in 2023 was 40% more than the previous year.

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In New Jersey, Digital Betting Dwarfs Land-Based Betting Stats

Online sports betting remains the dominant force in New Jersey. According to NJDGE figures, online bets accounted for more than 95% of total wagers in March. Because retail books lost money, online betting on sports revenue ($95.7 million) actually surpassed the reported statewide monthly total.

Basketball and parlay bets were popular in March. Parlays, which combine more than two outcomes into one wager, brought in just under $236 million. Last month, basketball betting brought in roughly $534.7 million.

Over $2.955 billion has been lawfully gambled on sports so far this year. In 2023, NJ sportsbooks reported about $220 million in revenue, nearly 40% more than in the same month in 2022.

In five of the past six months, New Jersey sports bettors have spent more than $1 billion.

Since 2018, the cumulative lifetime handle for New Jersey sports betting has surpassed $36.68 billion. Nevada sportsbooks processed little more than $30 billion during the same period. March figures have yet to be revealed.

In New Jersey, Sports Betting is a Two-Horse Race

Individual sportsbook operators’ handles and income are kept in New Jersey. Instead, operators are brought together under the umbrella of an Atlantic City casino or a state-approved racing license.

FanDuel Sportsbook, PointsBet, and SuperBook are all available at the Meadowlands Racetrack. In March, the sportsbooks recorded $36.3 million in revenue.

Resorts Digital, which comprises DraftKings Sportsbook and FoxBET, came in second with more than $30.7 million in adjusted revenue.

A licensed online sportsbook and BetMGM Sportsbook employ Borgata Hotel Casino & Spa’s license. Traditional and online sports betting revenues were $8.1 million, with online sportsbooks accounting for $7.3 million.