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.
New Jersey sportsbooks reported $93 million in revenue on more than $1.025 billion in legal bets last month, according to data from the state Division of Gaming Enforcement.
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.