Rovell: As Expected, New Jersey Betting Handle Tumbles in March
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New Jersey reported its betting handle for March at $181.9 million, a 65% drop from the state’s six-month trailing average and its lowest handle since Sept. 2018, the third month of legalized sports betting in the state.
The disappointment is a direct reflection of sports shutting down for the final two-and-a-half weeks of the month and, most notably, no revenue from March Madness.
Last year, New Jersey’s operators took in $372.5 million in March on the heels of college basketball, its second-biggest month to date.
The way things were tracking, New Jersey could have been on pace to break their record of $562.2 million that was set in November.
In the previous six months, New Jersey’s average handle was $515.4 million.
To fill the void, New Jersey tried to add sports that were playing — Belarusian soccer and table tennis matches, among them — but the niche markets have hardly made a dent.