New Jersey Experiences Sports Betting Boost From March Madness

The March Madness logo is seen on seats prior to the second round of the NCAA Men’s Basketball Tournament. Photo by Jacob Kupferman/Getty Images via AFP.

In March 2023, the New Jersey Division of Gaming Enforcement published its legal sports betting report, revealing that a large number of bettors in the Garden State participated in placing wagers on the NCAA basketball tournament.

In March, the sports betting handle in New Jersey saw a rise compared to the previous month, although overall betting activity was lower than the previous year. Despite this, strong hold rates for sports betting providers in New Jersey led to a significant increase in both monthly and yearly revenues.

New Jersey’s handle for March 2023

In March 2023, New Jersey sportsbooks collected almost $1.03 billion, bringing the state back to the $1-billion handle range. This is expected to be the final time until the NFL season starts again in September.

In March 2023, the handle reached $1.03 billion, showing a 21% growth from the previous month’s disappointing $847.4 million. This marks the fifth time in the last six months that New Jersey has exceeded $1 billion in bets.

Out of the total amount, $975 million was generated by the state’s mobile providers, with $50.6 million being spent at New Jersey’s retail sports betting facilities.

Compared to the highly successful March 2022 reporting period, New Jersey’s sports betting activity saw a decrease year-over-year, with $1.12 billion in bets taken – an 8.4% increase from the previous month.

Since the Supreme Court’s 2018 decision to overturn the blanket ban on sports betting, New Jersey’s lifetime sports betting handle has reached $36.86 billion as of March 2023, which is nearly $7 billion higher than the next highest producing state, Nevada.

Revenues tell the real story

During March 2023, bettors in the New Jersey market did not have much luck. The numerous upsets in the March Madness tournament had a negative impact on bettors, but it led to a significant increase in profits for New Jersey sportsbooks. They are now reporting their third-highest month ever in terms of revenue.

In March 2023, the New Jersey Division of Gaming Enforcement saw revenues of $93.04 million, a 70.3% jump from February’s $54.6 million. This also marks a 40.1% increase from the $66.4 million in profits from the previous year. The state’s books benefited from a healthy 9% hold rate, and the decrease in sportsbook promos may have contributed to the rising profits.

New Jersey sportsbook profits reached $220 million for the year after March’s totals, which was nearly 40% higher than the profits reported for the first three months of 2022.

Meadowlands dominates, basketball the most popular draw

Underscoregs in New Jersey are not reported individually. Licenses are held by Atlantic City casinos and participating racetracks, each of which has partnerships with sports betting providers known as “skins.”

Not surprisingly, Meadowlands Racetrack and its collaborations with FanDuel, PointsBet, and SuperBook were the top earners in sportsbook profits for March 2023, bringing in $36.3 million. Resorts Digital, which includes DraftKings and FoxBet, followed closely behind with $30.7 million in profits for the month.

Last month, Borgata Hotel Casino & Spa generated $8.1 million in profits with the help of their branded sportsbook and BetMGM.

In March 2023, basketball dominated the sports betting scene in New Jersey, with $534.7 million wagered on the sport. Parlays also saw significant action, with $236 million in bets placed.

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Written By:
Perry Sandra

Perry Sandra and betting go hand-in-hand. Both are characterized by “odds”. Dave fancies himself as one of the most dedicated sports and pop-culture junkies around, to the chagrin of his family and friends. Following sports for 50 years and writing about it for 20, Dave hasn’t found a sport yet that can’t contribute to 2-3 straight hours of couch time. That search remains ongoing. As a good old Canadian boy, hockey is in Dave’s heart, as is curling sadly. But evolution is a real thing and that’s why football, baseball, and just about every sport on the planet has become a passion. Dave isn’t afraid to kill some time obsessing over politics or the far-too-frequent awards shows the consume the airwaves.