New Jersey’s sports betting market saw a significant boost last month thanks to the return of March Madness.
According to the latest figures from the New Jersey Division of Gaming Enforcement, sportsbooks in the Garden State generated $60.7m in revenue from $859m in bets in March 2021.
March’s handle marks a significant increase on the $743m wagered by bettors and $46.2m generated by sportsbooks in February.
The majority of the state’s handle came from online sportsbooks after bettors wagered $780.1m via online and mobile platforms. Meanwhile, $79.5m was wagered in-person at the state’s land-based casino sportsbooks.
FanDuel and the Meadowlands continue to dominate the market
Looking closer at the state report, the Meadowlands license, which hosts the FanDuel and PointsBet sportsbooks, reported $31.2m in sports betting revenue. This made up more than half of the state’s revenue in March and was up from the $27.2m generated in February.
Meanwhile, the Resorts Digital licensee, which hosts DraftKings and Fox Bet, took second place in March after generating $14.8m in revenue. This was up from the $7.7m reported during the previous month.
The Borgata license, which hosts the BetMGM sportsbook managed to generate $6.6m in revenue. In February, the Borgata license managed to generate $5m in revenue.
William Hill, which operates sportsbooks under several licenses in the state generated more than $4m in revenue in March.
No other sportsbook operator in the state managed to generate more than $3m in sports betting revenue in March.
Basketball betting provides a boost in March
According to the state report, basketball betting accounted for $434m of the state’s handle in March.
As the Division of Gaming Enforcement does not separate professional basketball figures from collegiate betting figures, it is not clear how much handle came from the March Madness tournament.
In the first three months of 2021, the state of New Jersey has seen betting handle pass $2.5bn.
So far this year, bettors in the state have wagered just over $1bn on basketball events and $269m on football events.
In the last three months, bettors have wagered $641m on other sports, which includes all sports except basketball, football, and baseball.
Parlay bets also accounted for $560m in bets over the last three months. Baseball betting has accounted for $4.5m the $2.5bn wagered in the last three months.