{"id":1277,"date":"2023-04-18T14:36:24","date_gmt":"2023-04-18T14:36:24","guid":{"rendered":"https:\/\/www.casinosites.us\/news\/?p=1277"},"modified":"2023-04-18T14:36:26","modified_gmt":"2023-04-18T14:36:26","slug":"new-jersey-sports-betting-industry-reaps-rewards-of-march-madness","status":"publish","type":"post","link":"https:\/\/www.casinosites.us\/news\/new-jersey-sports-betting-industry-reaps-rewards-of-march-madness\/","title":{"rendered":"New Jersey Sports Betting Industry Reaps Rewards of March Madness"},"content":{"rendered":"\n<p>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 <a href=\"https:\/\/www.thirteen.org\/programs\/nj-spotlight-news\/vo-sports-betting-1681755844\/\" target=\"_blank\" rel=\"noreferrer noopener\">in March<\/a>, which is a 21% increase from the total amount gamers wagered in February. Most of these were online wagers.<\/p>\n\n\n\n<p>Revenue from sports betting in New Jersey was $93.04 million in March 2023, up $40.1% year-over-year. <strong>The hold rate stood at 9.07%.<\/strong> 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.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\" class=\"wp-block-heading\" id=\"online-vs-land-based-gaming\">Online Vs Land-Based Gaming<\/h2>\n\n\n\n<p>The combined earnings of online slot machines, table games, and poker rooms jumped to $165.7 million, an <strong>increase of 17.8 percent year over year<\/strong>. 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 <a href=\"https:\/\/www.casinosites.us\/news\/draftkings-acquires-golden-nugget\/\">Golden Nugget<\/a> finished in third place, bringing in a total of $42.7 million.<\/p>\n\n\n\n<p>New Jersey&#8217;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.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\" class=\"wp-block-heading\" id=\"great-news-for-state-coffers\">Great News for State Coffers<\/h2>\n\n\n\n<p>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&#8217;s continued success and the state&#8217;s mature market&#8217;s untapped potential are both reflected in these significant tax receipts.<\/p>\n\n\n\n<p>The enthusiasm for March Madness has clearly contributed to the<a href=\"\/\/apnews.com \u203a article \u203a sports-new-jersey-illinoi...\" target=\"_blank\" rel=\"noreferrer noopener\"> rapid expansion of New Jersey&#8217;s sports betting and online casino industries<\/a>. With major players like FanDuel, DraftKings, Resorts Digital, and Borgata driving the market, <strong>the future of the industry seems bright. <\/strong>With this kind of growth and excitement, we can&#8217;t wait to see what the future holds for New Jersey&#8217;s sports betting and online casino industries.<\/p>\n","protected":false},"excerpt":{"rendered":"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 [&hellip;]","protected":false},"author":5,"featured_media":1279,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[28],"tags":[15,72,113,16,17],"class_list":["post-1277","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-industry","tag-casino","tag-new-jersey","tag-online-casino","tag-revenue","tag-sports-betting"],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v25.9 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>New Jersey Sports Betting Industry Reaps Rewards of March Madness - Casino Sites US News<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.casinosites.us\/news\/new-jersey-sports-betting-industry-reaps-rewards-of-march-madness\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"New Jersey Sports Betting Industry Reaps Rewards of March Madness - Casino Sites US News\" \/>\n<meta property=\"og:description\" content=\"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. 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