Sports bettors in New Jersey failed to profit on college basketball underdogs making deep tournament runs, and the sportsbooks came out on top in March.
NJ sportsbooks recorded $93 million in revenue on more than $1.025 billion in legal wagers last month, according to data from the state Division of Gaming Enforcement.
March’s sports betting revenue is the third-highest monthly total in the five years of legal sports betting in New Jersey. The 9% hold (total after winning bets are paid out) is more than 2% higher than the state’s average.
The total bet last month was 8.5% less than in March 2022, but revenue in 2023 was 40% higher than a year prior.
Electronic betting dwarfs land-based betting figures inside NJ
Online sports betting has been the major force in New Jersey. According to NJDGE data, over 95% of the total wagered in March was from online bets. Online gambling revenue ($95.7 million) actually surpassed the reported statewide monthly total as retail books posted losses.
Basketball and parlay bets saw significant action in March. Just shy of $236 million was bet on parlays (combining multiple outcomes into one wager). Basketball betting netted nearly $534.7 million last month.
Year-to-date, over $2.955 billion has been officially wagered on sports. New Jersey sportsbooks have reported nearly $220 million in revenue in 2023, nearly 40% higher than the same month in 2022.
NJ sports gamblers have shelled out more than $1 billion in five of the last six months.
Since 2018, the lifetime handle (total amount bet) for New Jersey sports betting has been over $36.68 billion. Over the same period, Nevada sportsbooks have handled approximately $30 billion (March numbers have not been released yet).
Sports betting inside NJ is often a two-horse competition
NJ will not break out handle or income for individual sportsbook operators. Instead, operators are grouped under an Atlantic City casino or state-approved racetrack licensee.
The Meadowlands Racetrack includes FanDuel Sportsbook, PointsBet, and SuperBook. Combined, the sportsbooks reported $36.5 million in revenue in March.
Resorts Digital, which includes DraftKings Sportsbook and FoxBET, was second with profits of over $30.7 million after adjustments.
Borgata Hotel Casino & Spa’s license is used by the branded internet sportsbook, BetMGM Sportsbook. Retail and online sports gambling revenue were $8.1 million, with $7.3 million coming from online sportsbooks.
David Danzis is the head writer for PlayNJ. He is a New Jersey native and an honors graduate of Rutgers University. As a newspaper reporter for the New Jersey Herald and Press of Atlantic City, David received statewide awards for his coverage of politics, government, education, sports, and business. Today, he is PlayNJ’s Atlantic City “insider” and a gaming industry expert on casinos, sports betting, and online gambling. David lives in Mays Landing with his wife and two children. When not on the beach, golf course, or snowboarding, David enjoys watching his beloved New York sports teams—Yankees, Jets, Rangers, and Knicks.
