New Jersey Sports Betting Handle Soars After March Madness

• New Jersey sees $372 million in sports betting during March.
• The FanDuel sportsbook has 55 percent of all sports betting action.

TRENTON, N.J. – New Jersey sportsbooks saw over $372 million in sports betting handle during the month of March.

March has been one of the most successful months for sports betting in New Jersey. According to a report from the Division of Gaming Enforcement, $372 million was wagered during March in New Jersey. There was a hold of 8.5 percent of all sports bets made.

This was much better than how New Jersey did with the Super Bowl. Bets on the Super Bowl only brought in $12.7 million in revenue. The hold was only 3.9 percent and that is likely due to the fact that New Jersey is near the New England area, and not many people wanted to bet against the Patriots.

The March Madness Bump

One of the biggest factors of the increase in sports betting revenue during March can be attributed to March Madness. The American Gaming Association (AGA) predicted $8.5 billion was going to be wagered on March Madness this year.

With multiple upsets across the entire tournament, many bettors ended up losing their bets which meant more money for the sportsbooks. That hold contributes to how much money the state of New Jersey gets once taxes are applied.

FanDuel Reigns Supreme

The FanDuel Sportsbook in New Jersey saw the most action during March. The FanDuel Sportsbook had $17.5 million in revenue. That is about 55 percent of all revenue in New Jersey. This far surpasses the $7.3 million that the DraftKings Sportsbook had during the same month.

A large percentage of the FanDuel’s sports betting handle came from online wagers. $13.3 million came from online sports betting for FanDuel, which has been a trend for all New Jersey sports betting. Bettors in the state prefer the convenience of making their bet using their mobile device rather than having to go to a brick-and-motor sportsbook.

Other states that have legal sports betting but do not allow for people to use their mobile device to place their bets are falling behind of their projected tracks. Mobile sports betting gives New Jersey an edge over the competition.

News tags: March Madness | New Jersey | New Jersey sports betting | NJ revenue