- New Jersey hits a new high in terms of sports betting revenue at $31.9 million in March
- March Madness leads to second-best total sports handle in the history of legal NJ sports betting
- Operators score good results and Pointsbet wants to retain high rollers in the state by offering a guarantee reward promotion
New Jersey’s sports betting results continue to go up amid rising overall standards for the entire industry. One event that led to record high events last month was the collegiate competition known as March Madness. How did it affect NJ’s sports betting results in March?
New Jersey Scores Big on March Madness
If there is one tournament that truly captivates the US, that’s March Madness. With regulated sports betting taking over the country, New Jersey didn’t miss out on an excellent opportunity to make a big splash in March.
According to data released by the New Jersey Division of Gaming Enforcement (DGE) on April 12, New Jersey’s sportsbooks managed to fetch a whopping $31.9 million in March. This result dwarfed the $12.7 million earned in February, and did outstandingly well in comparison with the former record – $24 million in September, 2018.
The revenue was quite impressive but it was also backed by heightened interest in sports betting. Overall, $372.4 million were placed in March, the DGE reported. The result is not exactly a record but it’s the second-highest NJ has in the books.
Another interesting thing to note in March was the source of wagers – 80% of bets were placed via a mobile device, highlighting the importance of mobile sports betting. In 2019 alone, NJ’s betting agencies have managed to amass estimated $1.1 billion in terms of wagers, which is in itself quite the impressive amount.
Business Is Booming for Operators in NJ
The Meadowlands managed to fetch the chunk of traffic, backed by their digital partner – FanDuel. The sportsbook added 45% in revenue reaching up to $17.6 million in total handle – quite the impressive amount. No surprises here, the bulk of the revenue was brought in by online wagers, up to $13.3 million. FanDuel previously scored big on the Super Bowl.
Other properties also had reason to be happy. Resorts Digital Gaming, teamed up with DraftKings, has managed to hit a steady increase in its own affairs. Around $7.3 million was added to the balance sheet of the company in March.
The March Madness was also a time to usher new promotions. Pointsbet, operating as one o the digital skins of Meadowlands, also managed to post decent results and introduced the “Game Day Guarantee” designed to grant at least $10,000 to all customers on game day, whatever the competition they have selected.
The promotion is intended at high-rollers whom Pointsbet wants to keep within New Jersey amid a growing interest for legal sports betting across the United States.