Sports wagering earnings in New Jersey surpass $1.3 billion during March
The New Jersey Division of Gaming Enforcement (NJDGE) has released monthly figures for mobile operators, revealing a significant surge in sports betting revenue for March 2024.
The sports betting handle for the month reached an impressive $1.33 billion, marking a 29.6% increase compared to March 2023. This figure represents nearly $1.08 billion in wagers placed online, a testament to the growing popularity of mobile sports betting in the state.
The adjusted gross sports betting revenue for March 2024 was $89.7 million, a slight decrease of 3.6% compared to the same month the previous year. However, the revenue distribution among operators showed some interesting trends.
FanDuel led the pack in March, reaping $29.5 million worth of revenue, making it the leader in revenue for that month. PointsBet ranked second with $20.1 million, accounting for 36% of its $55.6 million in winnings in the first quarter of the year. BetMGM was the only other operator in eight figures for revenue in 2024, totaling close to $17 million. bet365 edged out Caesars for the final spot in the top five, with the England-based mobile sportsbook at $9.8 million.
ESPN BET moved into the black for 2024 after posting $4.3 million in revenue for March, while Golden Nugget faces the biggest deficit at just shy of $200,000 for 2024 action. Notably, Fanatics Sportsbook has yet to migrate its platform in New Jersey.
The public nearly fought the house to a stalemate in basketball wagering, limiting operators to a collective 1.1% hold on a $627.4 million handle. Interestingly, nearly $5 out of every $8 of operator revenue came via parlay wagering, with a total of $55.8 million from a $292.4 million handle.
The state received $11 million in tax revenue for March 2024, continuing to benefit from the growing sports betting industry. The online sports betting company that generated the highest revenue in 2024 is bet365, recognised as the world market leader for sports betting with the largest number of betting markets and events, extensive live streams, and competitive odds across top leagues.
March 2024 also marked the seventh consecutive month that New Jersey bettors wagered over $1 billion, underscoring the state's position as a major player in the US sports betting market.
In conclusion, the sports betting landscape in New Jersey continues to evolve, with operators adjusting their strategies to cater to the growing demand and competition. As the industry matures, it will be interesting to see how these trends develop in the coming months.
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