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FanDuel Sportsbook continued its recent ascent as NJ sports betting neared a record month in March.
NJ sports betting handle checked in at more than $372 million in March. New Jersey sportsbooks held nearly $32 million, representing a solid hold of 8.5 percent.
Remembering even the most recent history is important as well: NJ books took a beating in February. Super Bowl betting dinged the Garden State to the tune of just $12.7 million in revenue on 3.9 percent hold.
FanDuel Sportsbook, which operates its retail and online operations through Meadowlands Racetrack, posted $17.5 million in revenue. That’s roughly 55 percent of the total revenue in the New Jersey sports betting market for March.
Of that $17,5 million, $13.3 million came from NJ sports betting online. In fact, wagers through NJ sports betting apps accounted for more than 80 percent of all handle for the third consecutive month.
The company issued a statement about the report:
“The FanDuel Sportsbook continues to be the top operator in the New Jersey market both in mobile and retail. There was incredible excitement for March Madness, noted by record-breaking revenue numbers for the FanDuel Sportsbook, which had the biggest revenue month for any operator since the launch of legalized sports betting in New Jersey last June.”
The FanDuel Sportsbook haul also laps second-place DraftKings Sportsbook for the month. The early market leader in NJ sports betting online posted nearly $7.3 million in March. That’s in line with past months for DraftKings Sportsbook but certainly does not keep pace with the growth of its chief competitor.
The March bounceback attributes in no small part to the first March Madness with legal sports betting. Our staff gave mixed predictions about the potential success for March Madness betting in New Jersey, and it seems optimism was the right call.
The strong month for NJ sports betting casts the onus squarely onto Nevada, where March Madness helped the month to more than $300 million in handle last year. Even a jump to $350 million would leave the Silver State behind New Jersey in monthly handle for the first time.