NCAA basketball powers New Jersey to $1.3bn in March sports betting handle
Seventh straight month of $1bn-plus in wagering volume complemented by record igaming haul as the DGE breaks down revenue by brand for first time
New Jersey bettors were out in full force in March, as sports betting handle – boosted by March Madness – topped $1.3bn for the month, according to new data from the state’s Division of Gaming Enforcement (DGE).
The $1.33bn in total wagering volume, which represented a 29.7% year-over-year (YOY) jump from the same period of 2023 and a 22.9% increase from the $1.08bn tally in February, marked the seventh straight month of at least $1bn in handle for New Jersey.
The Garden State has now amassed 17 different months of more than $1bn in betting receipts.
Bettors fared pretty well overall during the month, with gross revenue amounting to $89.7m, a 3.6% YOY downtick that was attributable to a lower-than-average operator hold of 6.8%.
Operators sent just over $11m in tax revenue back to the state as a result.
March notably marked the first month that saw the NJDGE report revenue figures for individual mobile operators – as opposed to strictly license holders, many of which hold multiple online skins – which provided a closer examination into the market participants than ever before.
While FanDuel continued to lead the way with $29.5m in revenue, the biggest head-turner was Fanatics-owned PointsBet, which reported $20.1m in revenue, good for second overall.
FanDuel and PointsBet are both part of the Meadowlands Racetrack and Casino license, making that level of insight unique.
DraftKings was third with $17.6m in revenue, and BetMGM a distant fourth at $5.9m.
March was also a banner month on the igaming side as revenue from online casino play reached $197.2m, a monthly record for New Jersey and a nearly 20% YOY surge from the same period last year.
Online slots represented the lion’s share of revenue, accounting for $194.8m, while Golden Nugget maintained its pole position among igaming operators with $57.1m in revenue. Resorts Digital ($48.9m) and Borgata ($43.8m) rounded out the top three.