New Jersey Sports Betting Handle Tops $1.33 Billion in March
Adjusted Revenue Approaches $90 Million For Month
It was a solid March for the Garden State’s sportsbook operators. The New Jersey sports betting handle for March was $1.33 billion, according to data released by the New Jersey Division of Gaming Enforcement. That was the fourth-highest amount since sports betting became legal in New Jersey in 2018.
Adjusted revenue for March was $89.7 million, which is actually down from March 2023 when the sportsbooks reported $93 million in revenue. The 3.6% decline was due to a 6.8% hold rate compared to 9.1% in March 2023.
The New Jersey sports betting handle has exceeded $1 billion for seven consecutive months, an all-time high. The handle was up 29.6% from the $1.03 billion bet in March 2023 and up 22.9% from the $1.08 billion wagered last month. The biggest jump, however, is the year-to-year revenue.
The $328 million revenue for the first three months in 2024 is up 49.1% over the first three months of 2023. That bodes well for the sportsbooks.
New Jersey received $11 million in taxes from the sportsbooks in March and have earned $42.3 million this year. That’s significantly better than the $28.4 million earned in the first three months last year.
As usual, New Jersey bettors prefer to place their picks and parlays wagers online. Of the $1.3 billion wagered on sports in March, $1.28 million was bet online. Bets placed at retail sportsbooks totaled $43.7 million. For the year, $4 billion of the $4.13 billion bet on sports have been placed online.
New Jersey also released its casino numbers, both for in-person gambling games and online casino play. Total revenue from all gambling endeavors was $526.6 million for March. That’s an 8.1% increase compared to the $487.4 million revenue of March 2023. For the year, gambling revenue is $1.55 billion.
Parlays Huge Moneymakers For Sportsbooks
The New Jersey sports betting handle has been helped tremendously by parlays. Parlays account for roughly one-quarter of the betting handle, but more than 60% of the revenue. The state’s completed event year-to-date handle is $4.14 billion, and parlays make up $1.05 billion of that.
For revenue, parlays make up $203.2 million of the $331.6 million the state’s sportsbooks have taken in. The hold on parlays of 19.2% is more than twice as high as any other wager.
New Jersey is showing small losses in football and baseball wagers, as bettors’ best bets today have been coming through in those sports. Basketball has been kind to the sportsbooks.
Reported year-to-date revenue is $54.3 million. The generic catch-all of “other” events, such as soccer, tennis, table tennis, and golf, has been responsible for $84.7 million in revenue. The “other” category also has the second-highest hold percentage at 9.1%.
FanDuel Biggest Moneymaker in March
The New Jersey Division of Gaming Enforcement released figures for the individual sportsbooks for the first time in March. FanDuel led the way in March revenue with $29.5 million. For the year, FanDuel’s revenue is $136.9 million.
In a bit of a surprise, PointsBet reported the second-biggest profit for March. The company reported $20.1 million for the month and has revenue of $55.6 million for the year. PointsBet will soon be migrating to Fanatics Sportsbook.
DraftKings was No. 3 in monthly revenue for March, reporting $17.6 million. For the year, DraftKings is No. 2 in revenue at $82.1 million.
BetMGM is fourth in terms of yearly revenue at $16.9 million, followed by Bet365 at $9.7 million.
For gambling news, odds analysis, and more, visit Point Spreads Sports Magazine.
