March Madness was really good for sportsbooks in New Jersey.
The legal sports betting handle in the Garden State fell to $847.4 million in the previous month — ending a streak of four consecutive months of over a billion dollars — but New Jersey bounced back in a big way with $1.03 billion in sports wagers with help from March’s NCAA Tournament.
According to figures released recently from the New Jersey Division of Gaming Enforcement, the Garden State pulled in $93 million in revenue, which was up an impressive 40.1% from March 2022 and represents the third-highest monthly total in New Jersey sports betting history. That’s despite the handle dropping 8.5% year-over-year.
The Garden State’s online sports betting sites made out great with a 9.07% hold, which rose over 2.5% from February and marked the first time since December that the state went over 8%.
New Jersey hauled in $11.9 million in taxes, which was $4.7 million more than in February and $3.7 million more year-over-year.
Revenue Rises for New Meadowlands
March was again heavily dominated by New Meadowlands Racetrack. Between mobile and retail, New Meadowlands increased revenue by nearly 20% month-over-month to the tune of $39.8 million combined.
New Meadowlands, which is partnered with mobile operators FanDuel, SuperBook, and PointsBet, raked in $36.2 million in online revenue alone and was the only brick-and-mortar location in the state to reach seven figures in gross revenue.
Borgata Hotel & Casino, which is powered by BetMGM, claimed $7.3 million in online revenue with an additional $838,000 coming from retail.