New Jersey’s sportsbooks had a lot of success during the NCAA Men’s Basketball Tournament, aka March Madness.
A March 12 report from the state Division of Gaming Enforcement showed that $372.5 million was wagered during March.
New Jersey sportsbook operators bounced back from a rather stale February. And the state topped the billion-dollar mark for the year at a reported $1,078,059,828. This is rather impressive considering the state’s first legal wagers on sports came on June 14. The release also showed sports wagering gross revenue at $63.2 million.
A majority of the revenue that New Jersey sportsbooks brought in for March – $17.6 million of the estimated $31.7 – came from FanDuel. DraftKings (through a partnership with Resorts Digital) generated $7.3 million in revenue.
“The FanDuel Sportsbook continues to be the top operator in the New Jersey market both in mobile and retail,” FanDuel’s publicity director Kevin Hennessey said in a release. “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.”
The DGE reported $293,967,694 in total gaming revenue last month, a 34.5 percent increase from last March. New Jersey ended the quarter with $764,783,813 in total gaming revenue, up 28.6 percent from 2018.
The “Casino Win” saw a 13.7 percent increase from the previous period at $597.1 million. “Internet Gaming” rose a whopping 50.3 percent boost to $104.5 million compared to the last period.
DGE director David Rebuck is in charge of the monthly report. He has been looking to track down illegal sportsbooks and make them non existent so legal sportsbooks can thrive.
“It’s not going to be easy, but you can never let (illegal sports betting websites) just get a pass,” Rebuck told GamblingCompliance in August. “In the future, I see that being a major initiative for the regulated markets to work to figure out the best ways to go after people.”
Before the NCAA Men’s Basketball Tournament, the American Gaming Association ran a study that showed that Americans were expected “to wager $8.5 billion on this year’s NCAA men’s basketball tournament, with 1-in-5 adults placing a bet.”
The AGA’s study also proclaimed that 18 million Americans would “place $3.9 billion in bets at a sportsbook, online, with a bookie or with a friend.”
Just $4.1 million of that figure was expected to be used for bets at a legal sportsbook or using a legal mobile app, leaving around $8 million to the illegal market that Rebuck often discusses.
January brought in $18.8 million in revenue but in February that number fell to $12.7 million thanks to roughly $5 million in losses from the Super Bowl.
New Jersey’s legal sportsbooks handled a record $385 million in January; that number fell to $320 million in February as the NFL and college football seasons ended.