Online and retail sportsbooks have set a new record in March as they finally managed to go over a $2 billion mark that was made in bets ever since the legalization of this type of gambling. This near-record handle for March happened mainly due to the fact that there was the NCAA Men’s Basketball Tournament, which attracted a lot of bets from the residents of New Jersey, according to analysts who work for PlayNJ.com.
Dustin Gouker, who is a lead sports betting analyst for PlayNJ.com state that the first week of March Madness had generated more betting even than the Super Bowl. Furthermore, he added that the First Fout games were enough to match regular NFL weekend bets. Gouker claimed that the number of bets placed on college basketball clearly displayed the massive success of this sport and that punters loved placing bets on it. In other words, college basketball affects the Northeast’s sports betting market in a great way.
All the retail and online sportsbooks that are located in New Jersey managed to accept a total of $372.5 million in bets in March, which is quite similar to the amount recorded in January – $385.3 million, according to the official reports. In other words, ever since the legalization of sports betting in June 2018, the sportsbook in NJ managed to collect a total of $2.3 billion in bets. This is a huge deal for them, as sports betting is clearly getting increasingly popular in the US.
The revenue for March was $31.7 million, which is almost 150% more compared to the revenue achieved in February when a total of $12.7 million was earned in the sports betting facilities. If online casinos are taken into account, the state of New Jersey can say that more than $70 million in revenue was achieved in March.
According to Gouker, the sole fact that they managed to get more than $2 billion in bets in just nine months is a clear display of how legal sports betting should have existed in New Jersey before as people were clearly interested in this type of gambling. Gouker added that the next milestone should definitely be set at $3 billion, and he is more than positive that the sports betting facilities in New Jersey would reach it even before they get to celebrate their first birthday which would be on June.
It seems that online sportsbooks are the most popular way to place bets in New Jersey since 80.8% of all bets in March were conducted via online platforms. In other words, the total amount of bets accepted in March is $298.3 million. This is a clear display that the future is on the web and that people do not feel like visiting retail sportsbooks as often as they visit land-based casinos.
The most popular online sportsbook was FanDuel Sportsbook/Pointsbet, as they managed to beat the second-place DraftKings Sportsbook. FanDuel made a total of $13.3 million in gross revenue which is almost 100% more compared to February. Furthermore, DraftKings had a total of $7.3 million in gross revenue which is also a significant improvement compared to $3.7 million in February.
When it comes to land-based sportsbooks, FanDuel Sportsbook at The Meadowlands topped the list with a total of $4.3 million in gross revenue in March. An improvement is visible here as well since they had a total of $1.5 million in February. The next one in line was Monmouth Park which earned a total of $986,251.