The Garden State saw sportsbetting handle eclipse $1 billion for the sixth time in seven months in March, largely driven by wagers placed on the NCAA Men's Basketball Tournament.
The numbers were reported by the New Jersey Division of Gaming Enforcement, and reveal that handle was $1.12 billion, up 30.7% from March 2021. Revenues came in at $66.4 million, up 9.5% from last year and up 115.1% from February. Online books took in 92.9% fo bets at $1.04 billion. FanDuel led the way with $33.7 million in revenues, while DraftKings was next at $8.6 million. Retail books had $79.5 million in wagers with $5.2 million in revenues.
Betting on the NCAA tournament was the driver for the handle and revenues, as the event generated $667.3 million in wagers, up 51.1% from last year.
It's possible that we'll see a dip in gaming revenues this month, as the tournament is over, but the prospect of the NBA playoffs and start of the MLB season may offset some of that dip.