New Jersey Sports Betting Posts Third-Highest Month Of Revenue In March

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New Jersey sports betting

New Jersey sports betting had its third-best revenue month ever in March with operators reporting $93 million in win.

That is up 40% over February and is the state’s third-highest month of recorded revenue since legalized sports betting began nearly five years ago.

Only November 2021 ($114 million) and September 2022 ($97.9 million) were higher.

New Jersey sportsbooks held 9.1% in March, and the state collected $11.9 million in sports betting taxes. Online bets accounted for more than 95% of said taxes.

NJ sports betting remains consistent

March marked the fifth time in six months that total NJ sports betting handle passed the $1 billion threshold with $1.026 billion bet in the month.

It should be no surprise that basketball led all categories in terms of completed event handle, according to the release from the New Jersey Division of Gaming Enforcement. Thanks to March Madness betting, basketball handle was $534 million, or more than half of total completed event handle of $1.005 billion.

Parlays were a distant second with $235.9 million bet, followed by the other category with $212.3 million bet. Spring training games helped baseball handle reach $19.7 million.

Spring football leagues did not move the needle much for NJ bettors. Just over $2 million was bet on football in March.

Usual suspects lead sports betting revenue

Meadowlands Racetrack, which includes FanDuel, PointsBet and SuperBook, generated nearly $36.3 million in March revenue. That was good for almost 40% of the state’s total revenue.

New Jersey does not break down revenue figures by individual sportsbook. Instead, the state combines up to three online operators under a single operating license tied to an Atlantic City casino or an authorized racetrack.

Resorts Digital Gaming, which includes DraftKings and FoxBet, generated $30.7 million in revenue.

Those five sportsbooks combined for 72% of New Jersey’s sports betting revenue for March.

Unibet to launch its new NJ platform in May

Unibet parent company Kindred announced plans to launch its new sports betting platform in New Jersey in Mid-may. Unibet, which currently uses Kambi for its platform, first launched in New Jersey in September 2019.

According to a company press release, the platform “is expected to provide much improved flexibility and performance through a richer set of analytics and data.” Kindred is not completely stepping away from Kambi, though, as Kambi’s “high-quality technology and services” will remain a part of Unibet moving forward, according to a 2022 release.

The new platform should go live in New Jersey in mid-May and by the end of June in Pennsylvania. Unibet currently operates in six North American markets: