New Jersey Sports Betting Handle Reached $1.33 Billion in March

Sports betting operators in the Garden State have many reasons to celebrate in March. According to the State Division of Gaming Enforcement report, New Jersey sports betting handle was $1.33 billion during the month, the fourth-highest handle for the state since 2018.

The sportsbooks in March 2023 recorded a substantial $93 million in revenue. However, the adjusted revenue for the same period was $89.7 million, indicating a noticeable decline. This can be attributed to the difference in hold rates, with March 2023 seeing a 9.1% hold rate compared to the 6.8% in March 2023. According to sportsbook pay per head experts, this 3.6% drop in hold rate explains the decline in revenue, providing a clearer picture of the market dynamics.

For seven months in a row, the sports betting handle in New Jersey has surpassed $1 billion, representing a record high. Following a 22.9% increase from the previous month’s $1.08 billion wagered, the handle increased 29.6% over March 2023’s $1.03 billion bet. Nevertheless, sales from one year to the next have increased at the most significant rate.

New Jersey Sports Betting Handle

The first quarter of 2024 saw sales of $328 million, an increase of 49.1 percent compared to the same period in 2023. This is encouraging news for bookmakers. According to BookiePayPerHead.net sources, March tax revenue for New Jersey came in at $11 million, bringing the state’s total revenue to $42.3 million. That’s a massive improvement above last year’s first-quarter earnings of $28.4 million.

According to bookie pay per head sources, bettors from New Jersey typically want to use the internet to make their selections and parlay wagers. Online sports betting accounted for 1.28 percent of March’s total wagering of $1.3 billion. A total of $43.7 million was wagered at brick-and-mortar sportsbooks. Online sports betting has reached $4 billion for the year out of $4.13 billion.

Additionally, New Jersey has made public its casino data for both land-based and virtual gaming. As a whole, March’s gambling-related initiatives brought in $526.6 million. Compared to the $487.4 million in sales from March 2023, that’s a rise of 8.1%. Gambling brings in $1.55 billion for the year.

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