With its first taste of legal wagering on “March Madness” basketball in the books, New Jersey’s sports betting industry has set a new record for monthly revenue.
Per the March accounting report issued by the New Jersey Division of Gaming Enforcement (NJDGE), legal bet shops in the Garden State – of both the brick and mortar and online / mobile variety – collected $31.7 in gross revenue “win” last month. That win total marks a new plateau for New Jersey sportsbooks, easily eclipsing the previous high of $23.9 million from August of last year.
When broken down by medium, online / mobile betting provided the bulk of win revenue with $24.3 million, while brick and mortar sportsbooks generated $7.4 million in win.
All told, bettors visiting New Jersey’s collection of 10 land-based sportsbooks or their 13 online / mobile partners placed $372.5 million in wagers during the jam-packed March sports schedule. That figure came close to breaking New Jersey’s monthly sports betting handle record of $385.3 million set in January.
According to a press release issued alongside the monthly revenue report, NJDGE director David Rebuck cited the NCAA Men’s College Basketball National Championship Tournament and the start of Major League Baseball (MLB) as key factors driving the record-setting numbers.
Dustin Gouker – who serves as lead sports betting analyst for industry news outlet PlayNJ.com – confirmed those contributions from college basketball’s premier event:
“The first week of March Madness generated more action than the Super Bowl, and even the First Four games attracted enough betting to rival a busy weekend of NFL regular season football. That is unquestionably a massive success and shows clearly the importance of college basketball to the Northeast’s legal sports betting markets.”
Greater Atlantic City Chamber of Commerce president Joseph Kelly told ROI-NJ.com that the March sports betting revenue haul represents a boon for the East Coast’s gambling capital:
“The March DGE report reflects Atlantic City’s continued economic growth in 2019, building on a successful January and February. Overall, Atlantic City is on an upward trajectory, and we are confident this growth will lead to more visitors and an economic boon for the state and local economy.”
Kevin Ortzman, president of the Casino Association of New Jersey (CANJ), also spoke with ROI-NJ.com to discuss the industry’s success last month:
“The March 2019 DGE numbers are a promising sign of Atlantic City’s continued growth as we head into the busy summer season. There is no doubt that sports betting has provided a major boost to the local economy, and we believe this excitement will translate into increased revenue, jobs and tourism throughout the summer months.”
Of the over $24 million in online sports betting revenue generated in March, daily fantasy sports (DFS) site turned New Jersey sportsbook staple FanDuel lapped the field with $13.3 million in win.
That performance nearly doubled that of FanDuel’s closest competitor, as fellow DFS titan DraftKings raked in just $7.2 million.
In a statement, FanDuel touted its status as New Jersey’s clear online / mobile sports betting leader:
“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.”
For its part, DraftKings had its head of digital sportsbook operations Jamie Shea offer the following comment on the site’s March Madness win:
“U.S. bettors submitted more bets on DraftKings Sportsbook for the opening weekend of the NCAA Tournament alone than the Super Bowl.”