Sports betting in New Jersey reached $1.33 billion in March

According to data released by the New Jersey Division of Gaming Enforcement, sports betting in the Garden State totaled $1.33 billion in March alone.

Sports betting in New Jersey reached $1.33 billion in March, the fourth highest since 2018

It was the fourth highest amount since sports betting was legalized in New Jersey in 2018. Adjusted revenue for March was $89.7 million, down from March 2023 when sportsbooks reported $93 million in revenue.

The 3.6% decline occurred due to a retention rate of 6.8%, compared to 9.1% in the same month last year.

According to the New Jersey Division of Gaming Enforcement, the state’s sports betting volume has also topped $1 billion for seven consecutive months, an all-time high.

The handle saw a 22.9% increase from the $1.08 billion wagered last month and a 29.6% year-over-year increase from the $1.03 billion in total bets placed in March 2023 .

New Jersey casinos, racetracks and their partners collected $89.7 million in gross sports betting revenue in March. It’s up 3.6% year-over-year from March 2023.

New Jersey saw sales increase 49.1% in the first three months of 2024 compared to the same period last year

Moreover, revenue of $328 million in the first three months of 2024 increased by 49.1% compared to the first three months of 2023. This was a step in the right direction.

However, the holding rate was a disappointing 6.8% in March, down 2.3% from the same period last year, but still higher than in February.

Of course, sports betting apps in New Jersey also paid $11 million in taxes in March, bringing the total to $42.3 million. It’s $13.9 million more than last year’s number.

FanDuel New Jersey led all mobile apps with more than 33% of total revenue reported by state providers. The sportsbook reported $29.5 million in March and now an incredible $136.9 million in revenue this year.

Subsequently, PointsBet New Jersey was the second most successful sports betting site in the state, with $20.1 million in revenue in March. PointsBet beat DraftKings New Jersey, which earned $17.6 million in revenue.

BetMGM New Jersey reported nearly $5.9 million in revenue for March. Caesars Sportsbook New Jersey finished fifth and bet365 sixth.

Parlays accounted for about 25% of revenue, but they contributed more than 60% of the Garden State’s revenue. Of the $4.14 billion the state received so far this year, parlays represented about $1.05 billion of that amount.

In terms of revenue, parlays made up $203.2 million of the $331.6 million that New Jersey sportsbooks reported. The hold on parlays was 19.2%, more than twice as high as any other bet.