The return of March Madness led to a strong month of revenue and handle in the NJ sports betting market.
New Jersey sportsbooks held better than 7% of wagers in generating more than $60.7 million in sports betting revenue. That equates to handle of $859 million for March 2021, according to the state report released Friday.
Handle for NJ sportsbooks in 2021 pushes past $2.5 billion after three months. The Garden State posted more than $6 billion on a COVID-ravaged 2020 sports schedule, and this pace would surpass it.
Year-to-date New Jersey sports betting revenue stands at more than $189 million, with sportsbooks posting a win percentage around 7.4%. March 2021 presents the first challenging month to compare year-over-year performance, as casinos and r leagues shut down in the middle of the March 2020 because of the coronavirus pandemic.
March Madness effect on NJ sports betting
The NCAA’s crown jewel of basketball drove a large part of the successful month for NJ sportsbooks.
Basketball wagering accounted for more than $434 million in March, though not all of that comes from March Madness. The New Jersey Division of Gaming Enforcement does not separate college and NBA basketball in its reporting.
Bettors are faring well on hoops, with New Jersey sportsbooks holding just 3.5% of wagers on the hardwood.
So far in 2021, here is where NJ bettors are putting up their money:
- Basketball: $1.087 billion
- Football: $269 million
- Baseball: $4.5 million
- Other sports (golf, hockey. etc:) $641 million
- Parlays: $560 million
Unsurprisingly, parlays are the most profitable for sportsbooks in NJ with a 19% hold.
FanDuel stays in front of the pack
FanDuel grabbed the pole position in NJ sports betting just a few months after the market launched. The sportsbook again maintained a wide edge over the competition in March.
The Meadowlands license, which also includes PointsBet, showed more than $31.2 million in revenue. That total represents more than 51% of monthly sports betting revenue in New Jersey. It also included more than $2.7 million in retail revenue, as Garden Staters posted the most in-person handle in a year last month at $79.4 million.
Resorts, which hosts DraftKings and Fox Bet, placed a distant second with $14.8 million in revenue. Borgata, the home of BetMGM, checked in at $6.6 million, while William Hill’s combined tally likely shows between $4-5 million.
No other operator crossed $3 million (5%) in NJ sports betting monthly revenue.