The Garden State’s sports betting handle was up 29.6% in March compared to the same basketball-centric month in 2023.
The New Jersey Division of Gaming Enforcement announced that $1.33 billion was wagered across the state’s online operators, casinos, and racetracks. The handle rose 22.9% from February and ranked among the top five in Garden State sports betting history.
March’s revenue of $87.9 million was down 3.6% year-over-year as the hold of 6.8% hold fell more than two points compared to 2023. However, profits were up 30% month-over-month, thanks to the NCAA men’s and women’s basketball tournaments.
The Garden State filled its coffers with $11 million in tax revenue.
On the rise
New Jersey’s year-to-date sports betting profits are way up from this time last year. The NJDGE reported revenue of $328 million for the first three months of 2024, a 49.1% revenue increase from 2023.
Operators have hauled in $4.1 billion in wagers and shipped $42.3 million in taxes to the state to start 2024.
FanDuel out front
For the first time, New Jersey broke out the online operators individually instead of combining them with their tethers. Here are the top six skins in the state, listed in order by March revenue and including year-to-date profits (handle is not made available):
| Operator | March Revenue | YTD Revenue |
|---|---|---|
| FanDuel | $29.5 million | $136.9 million |
| PointsBet (Fanatics) | $20.1 million | $55.6 million |
| DraftKings | $17.6 million | $82.1 million |
| BetMGM | $5.9 million | $17 million |
| ESPN BET | $4.3 million | $423,825 |
| Caesars | $3.5 million | $8.7 million |
Online sports betting in New Jersey accounted for $1.29 billion of the overall handle while FanDuel led all mobile operators in revenue at $29.5 million.
Surprisingly, PointsBet, which hasn’t yet migrated to the Fanatics Sportsbook platform in New Jersey, finished ahead of DraftKings by $2.5 million. Fanatics purchased PointsBet’s U.S. holdings last summer.
BetMGM held down the fourth spot in March revenue at nearly $6 million, while ESPN BET needed that $4.3 million in March profits to get into the black for the year. Newcomer Prime Sports paid out a little over $1,900 during its late-March soft launch.
iGaming pays big
Online gaming paid huge dividends in March as the NJDGE announced revenue of $197.2 million, 19% higher year-over-year. iGaming has brought in $562.8 million year-to-date, up 22% from the same period last year.
FanDuel and DraftKings combined to generate 42% of the total revenue from 30 online operators, making more than $41 million each in March.
