New Jersey Sports Betting Recovers $1B-Plus Handle Trend in March
New Jersey sports betting recovered in March its “new normal” status of $1 billion-plus in handle after a sluggish February. March was the sixth month in the last seven that the Garden State saw over a billion wagered.
According to the latest numbers released Monday, New Jersey’s online and retail sportsbooks reported $1.1 billion in March Madness-filled month, up 13.7% from $985.6 wagered in February, a whopping 30.4% higher than $859.6 witnessed in March 2021.
March numbers also refute the claims of those who predicted the newly launched New York mobile sports betting would dent Garden State’s thriving monthly handles.
Basketball betting drew $667.3 million in March.
Mobile betting accounted for 93% – $1.04 billion – of the total handle, a 15.8% surge from February’s $899.5 million and a 33.5% increase from March 2021’s $780 million.
Sportsbooks generated $66.4 million in revenue from March handle, a 115.1% increase from February’s $30.9 million and a 9.3% increase from $60.8 million witnessed during the same period last year.
FanDuel/PointsBet/SuperBook trio topped the mobile market with $33.7 million in gross revenue, followed by DraftKings/Fox Bet with $8.6 million in revenue.
Retail sportsbooks accumulated $79.5 million in handle, generating $5.2 million in revenue in March. Meadowlands – FanDuel’s partner – regained its leading position with $3.2 in revenue.
The state drew $9.1 million from sports betting taxes.
NJ Continues to Thrive Despite NY Mobile Betting
Even though New Jersey is no longer the national sports betting leader, it continues to thrive despite NY online sports betting. Since it launched on Jan.8, 2022, NY online sports betting has been posting record handles each month.
However, NJ has shrugged off all the claims that believed the NY mobile launch would affect the Garden State’s market. In January, sports betting in NJ grew by over 40% in the year-over-year comparison. In February, the growth was 32.7% YOY.
Basketball was the most wagered on sport in March, attracting $667.3 million in handle, which was up 51.1% from March 2021’s $441.7 million, and an increase of 32.6% from February’s $503.1 million.
Basketball betting included the NBA as well as men’s and women’s college basketball.
NJ sportsbooks could have seen even a higher handle with St. Peter’s historic run to the NCAA Tournament’s Elite Eight. New Jersians would have loved to wager on in-state college teams – which is not allowed by law. New Jersians have to drive to New York, Pennsylvania, or Connecticut for betting on in-state teams.
NJ Tops $25B in Post-PASPA Handle
Thanks to March numbers, New Jersey’s total sports betting handle has crossed $25 billion since the Garden State became among the pioneer states to launch sports betting in 2018.
According to Monday’s report, NJ sportsbook operators have taken $25.6 billion in lifetime handle.
Since January, numbers comparisons have suggested that NJ online sports betting is likely to continue its decent pace, shrugging off the record-breaking events in the neighboring New York.
With the NBA postseason in full swing and the MLB season currently underway, NJ sports betting shows no signs of abating in the near future.
“In a changing landscape, NJ’s operators were still able to report their best handle in a month without football,” said the industry analyst David Danzis. “Increased competition from the NJ’s neighbors will inevitably affect its sportsbooks, but it continues only to be at the margins. The Garden State’s own bettors have proven a powerful force on their own.”