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Sports Betting

New Jersey sportsbooks reach a non-football high in March with online casinos achieving over $140m

Online casinos in New Jersey have set a state record for monthly revenue, achieving more than $140m. According to PlayNJ, sports betting results in March have shown a continued growth despite the competition from New York, with online casino revenue proving a major benefit to the state. 

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“In a changing landscape, New Jersey’s sportsbooks were still able to post their best handle in a month without football,” said David Danzis, PlayNJ Analyst. “Increased competition from New Jersey’s neighbours is inevitably going to affect the state’s sportsbooks, but it continues only to be at the margins. The state’s own bettors have proven a powerful force on their own.”

New Jersey’s online and retail sportsbooks achieved $1.1bn in bets for March. This is a 30.7% increase from $859.6bn gained in March 2021; it’s also a 13.7% improvement from $985.6bn in February of this year.  As an accumulated total, since launching sports betting in 2018, New Jersey has taken $25.6bn in wagers.

Each year has seen a significant increase in wagering, despite New Jersey now facing more competition than during the earlier days. In January, wagering in New Jersey sportsbooks grew by 40.7% in comparison to January 2021. February saw year-over-year growth of 32.7%.

Revenue for sportsbooks reached $66.4m for March, this is a 9.5% improvement from $60.8m in March 2021 and up 115.1% from $30.9m in February. In total, March’s achievements yielded $9.1m in taxes.

The NCAA Tournament was the main betting attraction in March. Basketball betting, which includes the NBA as well as men's and women's college basketball, attracted $667.3 million in straight wagers. This was up 51.1% from $441.7 million in March 2021 and up 32.6% from $503.1 million in February.

Topping the online market was FanDuel, PointsBet and SuperBook with $33.7m in gross revenue which was an increase from $14m in February. 

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