New Jersey Sports Betting Industry Reaps Rewards of March Madness
As it turns out, the NCAA March Madness tournament brought in such a wave of excitement for players in the Garden State that lead to a surge in betting activity. The New Jersey Division of Gaming Enforcement reports that players gambled a total of $1.03 billion in March, which is a 21% increase from the total amount gamers wagered in February. Most of these were online wagers.
Revenue from sports betting in New Jersey was $93.04 million in March 2023, up $40.1% year-over-year. The hold rate stood at 9.07%. With $39.08 million, FanDuel generated the most revenue, followed by DraftKings with $29.8 million. Earning $8.2 million, $5.4 million, and $2.9 million respectively, BetMGM, Caesars, and Hard Rock rounded out the top five.
Online Vs Land-Based Gaming
The combined earnings of online slot machines, table games, and poker rooms jumped to $165.7 million, an increase of 17.8 percent year over year. The most successful operator of an online casino in March was Resorts Digital, which brought in revenue of $44.9 million. Borgata came in a close second with revenue of $43.9 million. The Golden Nugget finished in third place, bringing in a total of $42.7 million.
New Jersey’s land-based casinos increased their income by 5.6% year-over-year in March, totaling $228.6 million. Total gaming revenue in New Jersey amounted to $487.4 million, an increase of 15% year over year, thanks to the addition of income from both sports betting and internet casinos.
Great News for State Coffers
The state received $51.8 million in taxes from businesses in March 2023, up 19.4 percent year over year. While the gaming tax rates vary by industry, the gaming sector’s continued success and the state’s mature market’s untapped potential are both reflected in these significant tax receipts.
The enthusiasm for March Madness has clearly contributed to the rapid expansion of New Jersey’s sports betting and online casino industries. With major players like FanDuel, DraftKings, Resorts Digital, and Borgata driving the market, the future of the industry seems bright. With this kind of growth and excitement, we can’t wait to see what the future holds for New Jersey’s sports betting and online casino industries.