New Jersey’s online and retail sportsbooks scored a record win and near-record monthly handle in March as the industry crossed the $2bn mark in bets since legalisation. The spike was furled overwhelmingly by the NCAA Men’s Basketball Tournament, according to PlayNJ.com analysts.
“The first week of March Madness generated more action than the Super Bowl, and even the First Four games attracted enough betting to rival a busy weekend of NFL regular season football,” said Dustin Gouker, lead sports betting analyst for PlayNJ.com. “That is unquestionably a massive success and shows clearly the importance of college basketball to the Northeast’s legal sports betting markets.”
New Jersey’s online and retail sportsbooks accepted $372.5 million in March bets, just shy of the record $385.3m in January, according to official reporting. New Jersey’s online and retail sportsbooks have now accepted $2.3bn in bets since legalisation in June 2018.
March revenue was $31.7m, up 150 per cent from $12.7m in February. The win and a high-water gross revenue mark for the state’s online casinos combined in March to generate more than $70m in monthly revenue.
“$2bn in bets in nine months shows just how much pent-up demand for legal sports betting existed in New Jersey,” Gouker said. “As quickly as the industry has ramped up, though, the next milestone should come more quickly. $3bn is certainly within reach by the industry’s first anniversary in June.”
New Jersey’s online sportsbook brands accounted for $298,3m, or 80.8 per cent, of total March bets. That’s even with the 80.8% of bets that flowed through online sportsbooks in February.
FanDuel Sportsbook/Pointsbet was the dominant online sportsbook, beating rival DraftKings Sportsbook, with $13.3m in gross revenue, up from $6.59m in February. DraftKings fueled Resorts’ $7.3m in March, up from $3.7m in February.
FanDuel Sportsbook at The Meadowlands remained tops in the retail market with $4.3m in March gross revenue, up from $1.5m in February. Monmouth Park followed FanDuel with $986,251.
“Online sports betting will continue to drive the market, and product innovations will likely bear much more fruit in the near future,” Gouker said. “New Jersey’s sportsbooks already offer the most advanced online product of any legal sports betting jurisdiction, and bettors have continually responded.”