New Jersey Sports Betting Thrives in March with $1.33 Billion Handle
The New Jersey Division of Gaming Enforcement (NJDGE) announced an increase in sports betting activity for March, with a reported handle of $1.33 billion. This marks the fourth-highest total in the 70 months since sports wagering was legalized in the Garden State.
Continued Growth in Betting Activity
March’s handle showed an increase of 29.6% compared to the $1.03 billion wagered in March 2023 and was also a 22.9% rise from the $1.08 billion recorded in February.
This surge in betting activity marks the seventh consecutive month that New Jersey bettors have wagered over $1 billion, setting a new record for the longest run in state history and the 17th time overall that monthly wagers have surpassed this milestone.
Sports Betting Revenue and State Earnings
The adjusted gross sports betting revenue for March totaled $89.7 million, resulting in a 6.8% hold, despite being slightly down by 3.6% year-over-year.
This minor decrease in operator winnings is attributed to a lower win rate this year compared to the previous year. However, thanks to a record-setting January with $170.8 million in revenue, the first quarter of 2024 saw an increase, with revenue up 49.1% compared to the same period last year.
The state benefited from this upsurge, collecting $11 million in tax revenue for March and $42.3 million for the first quarter, which is $13.9 million ahead of the pace set last year. Insights into Mobile Betting Performance
For the first time, the NJDGE provided detailed monthly figures for mobile operators, offering clearer insights into the performance of sports betting apps operating under casinos with multiple skins.
Notably, DraftKings, operating as the sole online skin of Resorts Digital Gaming, and FanDuel, which ranked third among mobile operators with March winnings of $17.6 million, bringing its year-to-date total to $82.1 million.
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