Sports gamblers in New Jersey failed to capitalize on college basketball underdogs making deep tournament runs, and the sportsbooks came out on top in March.
March’s sports betting revenue is the third-highest monthly total in the five years of legal sports gambling in NJ. The 9% hold (total after winning bets are paid out) is more than 2% higher than the state’s average.
The total bet last month was 8.5% less than in March 2022, but revenue in 2023 was 40% higher than a year prior.
Digital betting dwarfs land-based gambling figures in NJ
Online sports betting continues to be the dominant force in NJ. According to the NJDGE data, over 95% of the total gambled in March were online bets. Online sports betting revenue ($95.7 million) actually exceeded the reported statewide monthly total because retail books posted losses.
Basketball and parlay bets saw heavy action in March. Just shy of $236 million was bet on parlays (combining two or more outcomes into a single wager). Basketball betting netted nearly $534.7 million last month.
Year-to-date, more than $2.955 billion has been legally wagered on sports. NJ sportsbooks have reported almost $220 million in revenue in 2023, nearly 40% higher than through the same month in 2022.
NJ sports gamblers have shelled out more than $1 billion in five of the last six months.
Since 2018, the lifetime handle (total amount bet) for New Jersey sports betting is now over $36.68 billion. Over the same period, Nevada sportsbooks have handled just over $30 billion (March numbers have not been released yet).
Sports betting in NJ is a two-horse race
NJ does not break out handle or revenue for individual sportsbook operators. Instead, operators are grouped under an Atlantic City casino or state-approved racetrack licensee.
The Meadowlands Racetrack includes FanDuel Sportsbook, PointsBet and SuperBook. Combined, the sportsbooks reported $36.3 million in revenue in March.
Resorts Digital, which includes DraftKings Sportsbook and FoxBET, was next with revenues of more than $30.7 million after adjustments.
Borgata Hotel Casino & Spa‘s license is used by a branded internet sportsbook and BetMGM Sportsbook. Retail and online sports gambling revenues were $8.1 million, with $7.3 million coming from online sportsbooks.