Garden State sports bettors could wager on local favorite UConn Huskies all the way up until the Huskies cut down the nets as National Champions. The rite of passage known as March Madness contributed $41.6 million to the $1.06 billion statewide handle.
The March billion-plus handle was the 11th time the Garden State crossed the billion-dollar monthly sports betting handle threshold and the fourth time in five months.
Last month New Jersey sportsbooks accepted $847 million in wagers, and the March handle leaves New Jersey No. 1 among the 36 legalized US states in sports betting handle post-PASPA.
|
State |
Handle |
|---|---|
|
New Jersey |
$36.7 Billion |
|
Nevada |
$31.1 Billion |
|
New York |
$21.7 Billion |
|
Illinois |
$20.6 Billion |
|
Pennsylvania |
$20.3 Billion |
|
Indiana |
$11.7 Billion |
|
Colorado |
$11.2 Billion |
|
Michigan |
$9.8 Billion |
|
Virginia |
$9.1 Billion |
|
Arizona |
$8.4 Billion |
New Jersey Scores 3rd-Highest Monthly Revenue
New Jersey betting companies scored $93 million in revenue–that number was $26.6 million more than the previous March profits and third highest monthly total since sports betting became legal in 2011.
The Garden State might be taking in less handle than one year ago, but the sportsbook operators are winning more money from Garden State sports bettors.
Parlays continue to be a dominant source of revenue for New Jersey bookmakers–Garden State bettors lost $125.8 million in parlay bets to the Garden State oddsmakers.
That amounted to a 17.4% win rate and added to the $706.5 million New Jersey sportsbooks have handled from parlay tickets over the first three months of the year.
Meadowlands Leads Online Sportsbooks
Meadowlands and its online licensees FanDuel, PointsBet, and Superbook generated $36.2 million in revenue from online wagers.
Resorts Digital and online arms DraftKings, FOXBet, and its mobile app finished a distant second with $29.8 million, but their March revenue was more than January and February combined.
$11.5 Million in Tax Revenue
New Jersey sportsbooks weren’t the only ones profiting from Garden State bettors–the state of New Jersey collected $11.5 million in tax dollars during the 3rd month of the year.
That grew the total tax dollars generated by sports betting to $27.7 million in 2023.
