For the fifth time in six months, Garden State’s total sports betting handle surpassed $1 billion.
After dropping below the billion-dollar mark in February, New Jersey sports betting rebounded with a vengeance. Thanks to March Madness, $1.026 billion was bet in March. The overall gambling revenue total was 15% higher than the $423.7 million reported for March 2022.
Sports Wagering Gross Revenue recorded by casinos, racetracks, and their partners in March surpassed $93 million, which is a 40.1% increase from the more than $66 million generated in the previous period, and its third-best revenue month ever in March. That brings the year-to-date total to $220.0 million, which is a nearly 40% increase over the previous year-to-date period of $157.5 million.
Online Sports Betting Fuel the Massive March Numbers
New Jersey online sports betting sites helped to fuel the big numbers. They posted a 9.07% hold in March, which is a 2.5% increase from February and the first time since December that the state went over 8%.
New Jersey collected $11.9 million in taxes, a figure that was $4.7 million over what it collected in February and $3.7 million more than the previous year. More than 95% of the taxes were accounted for by online betting.
Basketball Is King in March
Researchers with the New Jersey Division of Gaming Enforcement say basketball led all categories regarding finished event handle. Basketball handling was $534 million, or more than half of the completed event handle of $1.005 billion, thanks to March Madness betting.
New Jersey finished second behind New York on the list of top five revenue generators in March:
- New York – $1.79B
- New Jersey – $1.03B
- Indiana – $433M
- Maryland – $386M
- Iowa – $232.6M
When it comes to sports betting revenue by operator, FanDuel was the market leader in New Jersey in March, garnering $39.08 million. DraftKings came in second with $29.8 million.
Online Casino Revenue Also Increases
The Garden State’s casino operators also had a good month. They generated $165.7 million in revenue from online slots, table games, and online poker, representing an increase of nearly 18% year over year.
The state generated $51.3 million in tax income across all verticals, marking an increase of 19.4% YoY, with iCasino accounting for $24.9 million. Over half of the $122.7 million in tax receipts collected in the first three months of the year in the Garden State came from online casinos.
New Sports Betting Platform on the Way
On top of all of the success last month, New Jersey bettors can look forward to a new platform to try next month. Kindred Group, Unibet’s parent firm, revealed plans to launch its new sports betting platform in New Jersey in May. According to a company press release, the platform “is expected to provide much-improved flexibility and performance through a richer set of analytics and data.”
Kindred Group’s safer gaming strategy will also be included on the platform in compliance with local needs and requirements. Look for it to go live in New Jersey in mid-May.
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