March Madness helped New Jersey sportsbooks set a new revenue record last month.
Plus, sportsbooks turned that into a record $31.7 million in NJ sports betting revenue. That works out to an 8.5% hold for sportsbook operators in March.
Both the handle and revenue numbers rose significantly from February when Super Bowl and Oscars betting rose to the forefront. The state’s 10 retail and 13 online sportsbooks posted $320.3 million in handle and $12.7 million in revenue in February.
NJ online sports betting is where it’s at
Once again, the overwhelming majority of the betting took place online in March. In fact, NJ online sports betting operators took in a total of $298.2 million in online bets in March. And this is compared to just $74.1 million in bets at retail sportsbooks.
That means New Jersey sports betters wagered better than 80% of the money they bet on an NJ sportsbook app. Year-to-date totals reflect close to the same percentage.
Year-to-date figures also show more money is being bet on basketball ($492. 9 million), and NJ sportsbooks are earning more money off the sport ($24.9 million) than any other.
Only parlays, which may include multiple sports have even come close to making the same money for NJ sportsbooks that basketball has. In fact, parlays boast $24.4 million in revenue off of $194.6 million in handle so far this year.
Nevada has yet to release sports betting numbers for March 2019. However, March Madness helped Nevada sportsbooks post more than $500 million in handle last year. If Nevada posts similar numbers this year, New Jersey would still have a long way to catch up to its sports betting predecessor.
March Madness should help boost April numbers in NJ as well, with the Final Four and National Championship taking place at the beginning of this month. Plus, the NBA Playoffs started in mid-April, which should keep basketball betting numbers ahead of everything else.
Even with Tiger Woods’ victory at The Masters on Sunday, which turned a bunch of bets into huge wins (and sportsbook losses), April could still end up a good month for sportsbooks.
FanDuel Sportsbook dominating the NJ market
FanDuel Sportsbook, which operates both retail and online operations out of the Meadowlands Racetrack in East Rutherford, continued to crush the competition in March.
In fact, the $17.59 million in revenue from retail and online operations combined represented close to 55% of the New Jersey sports betting market’s total March revenue. Granted, that number includes PointsBet NJ, which is also partnered with the Meadowlands. But the vast majority of the revenue likely comes from FanDuel’s NJ app.
That’s now back-to-back months and three out of the past four that FanDuel has been on top of the NJ sports betting market.
The company issued the following statement:
“The FanDuel Sportsbook continues to be the top operator in the New Jersey market both in mobile and retail. There was incredible excitement for March Madness, noted by record-breaking revenue numbers for the FanDuel Sportsbook, which had the biggest revenue month for any operator since the launch of legalized sports betting in New Jersey last June.”
Retail sports betting is all smiles, too
Online sports betting may have the headlines, but retail faired much better than it did in February.
According to the DGE, retail sports betting revenue totaled $7,409,238 in March. When compared to the previous month when retail posted a negative number in revenue, it’s a nice showing.
While seven sportsbooks had negative revenue numbers in February, all of them had positive returns in March.
Handle also improved at sportsbooks at Atlantic City casinos and racinos, and it’s likely due to the crowds of bettors during March Madness. Handle in February was $61.5 million but that climbed by more than $10 million in March.
However, unlike NJ online casinos, which had a banner month themselves, sports betting is a volatile market. Each new month brings new fluctuations in handle and revenue, and that means a record-setting revenue in March may drop again in April.
March revenue breakdown for New Jersey sports betting
Here’s a look at March revenue numbers for the entire NJ sports betting market:
|Property (Online)||Online Revenue||Retail Revenue||March Total|
|Bally's (Caesars, 888)||$336,866||$233,991||$570,857|
|Golden Nugget (BetAmerica, Golden Nugget)||$98,120||$93,755||$191,875|
|Hard Rock (Hard Rock online)||$16,954||$65,300||$82,254|
|Meadowlands (FanDuel, PointsBet)||$13,322,133||$4,271,840||$17,593,973|
|Monmouth (William Hill, SugarHouse)||$1,669,750||$986,251||$2,656,001|
|Ocean Resort (William Hill)||$1,416,004||$541,776||$1,957,780|
|Resorts (DraftKings, BetStars, Resorts Online)||$7,278,126||$85,105||$7,363,321|
|Tropicana (William Hill)||$21,310||$251,169||$272,479|