March Madness Expects To Help New Jersey Rank Among Highest Sports Betting Outputs In Country

Written By Grant Lucas on March 21, 2024
Saint Peter's player Latrell Reid for a story on the rules and revenue projections for March Madness sports betting in New Jersey

New Jersey may stand as one of the oldest states with legal sports betting, but by no means does that imply that the industry has staled.

Especially during March Madness.

According to Eilers & Krejcik Gaming, NJ sports betting expects to play a prominent role in the some $2.68 billion wagered by the public during the 2024 NCAA men’s basketball tournament.

March Madness betting in NJ among best in country

While the Super Bowl justifiably attracts plenty of sports betting attention, the NCAA tournament represents the biggest event for legal wagering across the country.

And March Madness betting in New Jersey expects to stand out among jurisdictions with regulated sportsbooks.

Eilers & Krejcik ranked New Jersey second in the country for betting handle, only outdone by New York. This despite the Garden State ranking 11th in overall population and seventh among states with legalized sports betting.

StateEKG RankPopulation Rank in USPopulation of Betting States
New York141
New Jersey2117
North Carolina495

Betting big in March, but not on Saint Peter’s

March has typically done well in New Jersey, of course bolstered by the NCAA tournament. Last year, NJ sportsbooks took in over $1.02 billion in bets during the month, generating over $93 million in revenue that ranks among the top eight months ever reported in the nearly six-year history of legal sports betting in New Jersey.

This year could challenge that total. After all, as the American Gaming Association estimates, the betting public could combine for $2.72 billion in bets nationwide. For perspective, that equates to around 2.2% of the total handle reported in all of 2023.

In New Jersey, however, whatever is bet won’t come on No. 15-seeded Saint Peter’s. State law prohibits sportsbooks from accepting wagers on any program based in the Garden State, which includes the Peacocks.

This despite some Cinderella history for Saint Peter’s. If you recall, in 2022, the Peacocks became not only the 10th No. 15 seed to record a win over a No. 2 (Kentucky), not only the third 15th seed to reach the Sweet 16 (by beating No. 7 Murray State), but also the first No. 15 to advance to the Elite Eight (beating No. 3 Purdue) before bowing out to eventual runner-up North Carolina.

Photo by Nick Wass / AP Photo
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Grant Lucas

Grant Lucas is a longtime sportswriter who has covered high school, collegiate, and professional levels. A graduate of Linfield College in McMinnville, Grant now focuses his attention on the growing NJ online gambling and sports betting scene.

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