New Jersey Has Fourth-Best Sports Betting Month Ever In March

In March of 2024, the NCAA Tournament gave New Jersey a significant boost, leading to the fourth-highest handle month ever for the market and our top-performing sports betting sites.

A report from the New Jersey Division of Gaming Enforcement showed a significant increase in sports betting activity in March compared to the previous year and month. However, despite the surge in activity, revenues did not see a similar rise due to a disappointing hold rate, which ultimately led to decreased profits.

The typical two-horse race for monthly performance among New Jersey sports betting sites was disrupted when a sleeper sportsbook unexpectedly took second place in revenue, surpassing one of the national betting giants.

$1.33 billion March handle

In March, New Jersey sports betting sites saw a total of $1.33 billion in wagers, marking the fourth-highest monthly total in the state’s 70 months of operation. It is clear that residents made good use of New Jersey sportsbook promotions during this time.

The $1.33 billion reflects a 22.9% increase from the $1.08 billion reported in February and a 29.6% improvement from the $1.03 billion in bets from March 2023 on a month-over-month and year-over-year basis, respectively.

In March, New Jersey sports betting apps surpassed the $1 billion monthly handle milestone for the seventh time.

$89.7 million in March revenues

In March 2024, New Jersey casinos, racetracks, and their partners reported a Sports Wagering Gross Revenue of $89.7 million. This marked a 3.6% increase from the previous year, where just over $93 million was reported in March 2023. Additionally, there was a significant $32 million improvement from the previous month of February.

In March, the hold rate was 6.8%, which was slightly lower than last year’s rate by 2.3% but slightly higher than February’s rate by just over half a percentage point.

In March, New Jersey sports betting apps contributed $11 million in taxes, bringing the year-to-date total to $42.3 million. This is $13.9 million more than the same period last year.

As of March 2024, sports betting revenues for New Jersey providers have reached $328 million, showing a significant 49.1% year-over-year increase for the first three months of the year. This growth is largely attributed to the record-breaking revenue of $170.8 million generated in January.

FanDuel wins revenue battle over PointsBet

A new chapter has begun in New Jersey as monthly figures for individual sports betting apps are now being released for the first time ever. Previously, only the earnings of partnerships, some of which had multiple skins, were made public, not those of individual books.

Unsurprisingly, FanDuel New Jersey led all mobile apps in revenue, accounting for over one-third of the total reported by state providers. In March alone, FanDuel reported $29.5 million in revenue, bringing their total for the year in the Garden State to an impressive $136.9 million.

In a surprising turn of events, PointsBet New Jersey, still operating under its own brand, emerged as the second most profitable sports betting site in New Jersey for the month of March. The site generated $20.1 million in revenue, surpassing DraftKings New Jersey, which brought in $17.6 million.

In March, BetMGM New Jersey generated nearly $5.9 million in revenue, placing them at the top of the list. Caesars Underscoreg New Jersey followed closely behind in fifth place, with bet365 coming in sixth.