March Madness betting spearheads New Jersey sports betting and online casino growth

Jersey City
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New Jersey sports betting operators enjoyed strong year-over-year revenue growth in March, as the NCAA March Madness tournament captured the imagination of players across the Garden State. 

Data published by the New Jersey Division of Gaming Enforcement revealed that bettors in New Jersey wagered $1.03bn during March, which marks an 8.4% decrease on the $1.12bn handled in March 2022. 

However, this is a 21% increase on February, as March Madness saw a wave of betting activity despite the previous month containing the Super Bowl. Handle was broken down by $975.2m online and $50.6m via retail channels. 

The New Jersey sports betting hold rate stood at 9.07%  during March, leaving sportsbooks with $93.04m in revenue, which marks a 40.1% increase YoY. It also marks an increase of 70.3% from February, when operators’ hold rate was weaker as well as smaller handle. 

Breaking down sports betting revenue by operator, FanDuel was the market leader in New Jersey, generating $39.08m during March. Behind FanDuel was DraftKings, which generated $29.8m. 

The top five revenue generators in March were: BetMGM ($8.2m), Caesars ($5.4m), and Hard Rock ($2.9m). 

For the year-to-date, New Jersey sports betting operators have earnt $220m in revenue, up 39.7% YoY. 

Online Casino revenue jumps nearly 18%

The DGE also disclosed operators’ online casino revenue figures, too. Comprising online slots, table games and online poker, the Garden State’s casino operators took $165.7m in revenue, marking a 17.8% increase YoY.

Per operator, Resorts Digital led the way, making $44.9m in revenue during March, whilst Borgata was in close second, making $43.9m. 

In third was Golden Nugget, which made $42.7m, whilst no other operator made more than $9m from online casino/poker operations. 

Tax takings 

Including the land-based casino industry, which generated $228.6m last month (up 5.6% YoY), gaming revenue in New Jersey increased by 15% in the last 12 months to $487.4m, showing the mature market still has large potential. 

With various tax rates in place depending on vertical, operators paid out $51.8m in taxes to the state for March 2023, marking an increase of 19.4% YoY.