Every year, sports fans tune in to March Madness, enjoying game after game in the NCAA Men’s Basketball tournament. For sports bettors, the action is hot, leading to a huge uptick in wagers within states where the activity is legalized, both online and in retail outlets. In New Jersey, the sports betting market saw a nice boost in March due to the popular tournament.
Sportsbooks were able to generate over $60.7 million in revenues. The betting handle came in at $859 million, based on revenue reports issued by state gaming regulators. Sports betting has been so hot in the state over the first three months of 2021, that over $2.5 billion has been wagered this year.
For New Jersey sportsbooks, March was a successful month. Basketball wagering counted for the bulk of bets placed, at over $434 million. However, the amount includes both NBA and college hoops, so the full count is not directly connected to March Madness.
The top operator in the state when it comes to sports betting continues to be FanDuel. The brand easily took the number one spot not long after the market began and has never looked back. Operating on the Meadowlands license, over $31 million was generated. FanDuel operates alongside PointsBet in the state.
The total by the top operator is over 51% of the monthly revenues of the New Jersey sports betting market. The amount includes the retail total, which came in at over $2.7 million. The in-person handle was super high for March, reaching $79.4 million.
Second place went to Resorts, which offers sports betting via Fox Bet and DraftKings. They earned $14.8 million. Borgata was next in line for March, earning $6.6 million via the BetMGM brand. Pulling up the rear was William Hill, bringing in from $4 to $5 million.
Major Bounce Back for the Industry
The month of March was a nice bounce-back for the state’s sports betting industry. Last year, the March Madness NCAA Tournament did not take place, so it seems players were making up for the lost series. The series certainly helped to bring in more revenues and pushed the betting handle up from previous months.
In January, the state saw only $320.3 million in bets placed. Just a bit more was wagered in February, with $325.8 million bets. The jump was over $100 million in wagers thanks to March Madness. The popularity of college basketball helped to bring back a much-needed push to the industry when it comes to wagers and revenues.