NJ SPORTS BETTING REVENUES EXPLODED DURING MARCH MADNESS!

By Jack Ryan

New Jersey’s casino and sports betting revenue more than doubled in March compared to the same period of the prior year.

The state Division of Gaming Enforcement released numbers Friday that show the nine casinos and three horse tracks that offer sports betting won $359.2 million in March, a nearly 120% growth. The main reason for the statistical increase is the fact that the casinos and tracks were open for a full month this March, while last year they were shut down on March 16 last year due to the pandemic.

Furthermore, the casinos and tracks took $859.6 million worth of sports bets in March, compared with the less than $182 million they handled last March, the AP reports. That is the state’s highest monthly handle in a month without football. They kept $60.7 million this March as sports betting revenue after paying out winning bets and covering other expenses.

Fueled by March Madness, basketball accounted for $441.7 million of the state’s handle in March, up from $320.3 million in January and $325.8 million in February. Retail sportsbooks generated $79.5 million in bets, the highest volume for retail sportsbooks since January 2019.

Online betting accounted for 90.8%, or $780.1 million, of the state’s handle in March. FanDuel Sportsbook/PointsBet topped the online market with $28.5 million in gross revenue. Online gambling saw nearly $113.7 million in revenue for the operators, up 75% from a year ago.

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