March Madness Helps Drive $372M Sports Betting Handle in New Jersey

March Madness Helps Drive $372M Sports Betting Handle in New Jersey article feature image

Mandatory Credit: Jake Roth-USA TODAY Sports

New Jersey had its second biggest sports betting month ever last month, buoyed by March Madness.

The state’s sports gambling operators took $372.5 in bets, trailing only January 2019 ($385 million), according to numbers released Friday by the New Jersey Division of Gaming Enforcement.

In the first nine-and-a-half months since becoming legal, New Jersey bettors placed $2.32 billion in bets, including at least $300 million in each of the last five months reported.

The state has a chance to take in more than $3 billion in 2019, which will make the first full year roughly half as big as the mature Nevada market.

The leading operators in New Jersey are FanDuel and DraftKings, the original daily fantasy providers who pivoted to sports betting quickly after it was legalized in the Garden State.

FanDuel’s sportsbook at the Meadowlands grossed $4.2 million in March, while its mobile product took in $13.3 million. The combined $17.5 million in revenue ($27.5 million year-to-date) was the largest month for any operator since New Jersey started sports betting on June 14.

DraftKings' mobile app grossed $7.2 million in March and $17.8 million year-to-date.

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