March Madness In NJ Sports Betting Market Proves Profitable

Posted on April 16, 2021
Written By on April 16, 2021

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.

Sport-by-sport breakdown

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.

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Adam Candee

Adam Candee is the managing editor of Legal Sports Report. He covers sports business and news from Las Vegas, where he works as a sports radio host for ESPN and VSiN. Adam is a former editor and reporter at the Las Vegas Sun, Arizona Daily Sun, and KLAS-TV. He can be reached at [email protected]

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