Lucrative ‘March Madness’ action for New Jersey sportsbooks

The online gambling news domain at PlayNJ.com has announced that this year’s edition of the NCAA Division I Men’s Basketball Tournament played a significant role in helping New Jersey’s land-based and virtual sportsbooks to record aggregated March handle of some $372.5 million.

Near-record tally:

The site used an official Friday press release to reveal that last month’s combined sportsbetting handle in NJ was just shy of January’s $385.3 million record and saw about $298.3 million of its total income from online wagers.

Rewarding revenues:

Dustin Gouker from PlayNJ.com detailed that the 2019 version of the annual collegiate basketball competition, which is often colloquially referred to as ‘March Madness,’ also helped gross land-based sportsbetting revenues in ‘The Garden State’ rise by approximately 150% month-on-month to hit almost $31.7 million while the figure for the state’s online sportsbook operations improved to top $39.1 million.

Gouker’s statement read…

“The first week of ‘March Madness’ generated more action than the Super Bowl and even the first four games attracted enough betting to rival a busy weekend of NFL regular season football. That is unquestionably a massive success and shows clearly the importance of college basketball to the northeast’s legal sportsbetting markets.”

Birthday objective:

March figures mean that sportsbook operators in New Jersey have now accepted just over $2.3 billion in wagers since the market went live nine months ago with Gouker declaring that the $3 billion target ‘is certainly within reach by the industry’s first anniversary in June.’

FanDuel Incorporated leads:

In terms of the biggest online players, PlayNJ reported that the service from FanDuel Incorporated led the way with March sportsbetting revenues of $13.3 million followed by the DraftKings.com offering from rival DraftKings Incorporated and its figure of $7.3 million. Concerning land-based sportsbook operations, the domain stated that Meadowlands Racetrack topped the list with gross revenues for the 31-day period of $4.3 million while Monmouth Park Racetrack occupied second spot courtesy of its tally of $986,251.

Gouker added…

“Online sportsbetting will continue to drive the market and product innovations will likely bear much more fruit in the near future. New Jersey’s sportsbooks already offer the most advanced online product of any legal sportsbetting jurisdiction and bettors have continually responded.”

Record-setting performance:

The online casino and poker industry in New Jersey recorded gross revenues of almost $40 million in March, which represented a 53% rise year-on-year. It detailed that this equated to a figure of approximately $1.3 million per day and represented the highest monthly tally since the market went live in November of 2013.