March 2023 Sees Third-Highest New Jersey Betting Revenue Ever

March 2023 was a major month for New Jersey sports betting, with the state seeing its third-best month in terms of overall revenue throughout its history. March is typically a busy time for sports betting, with the major highlight being the March Madness tournament.

Plus, the month had NHL and NBA action as teams fought for playoff position, plenty of different Spring Training games, and MLB Opening Day on March 30th, 2023. The local New Jersey Devils played pivotal games throughout the months in the midst of a postseason run, likely fueling bets from Garden State residents.

New Jersey Betting Revenue In March Was Third-Highest In State History

According to Legal Sports Report, sports betting operators in New Jersey saw $93 million in revenue throughout March of 2023. This represents a 40% increase from February’s $54.6 million total and showed a 9.1% hold throughout the month.

In terms of taxes, New Jersey collected a total of 411.9 million in March. As one might expect, mobile sports betting was the main driver of this tax revenue, with online sports betting accounting for 95% of sports betting taxes.

The month wasn’t just successful for New Jersey, it was one of the state’s best months of all time. In fact, only two months throughout New Jersey sports betting history have seen more revenue: September of 2022 with $97.9 million and November of 2021 with $114 million.

The overall betting handle for the month was $1.026 billion, which now means that New Jersey betting has gone over the $1 billion mark in five of the past six months.

NJ Betting Breakdown For March of 2023

It’s interesting to look at the actual numbers in terms of the New Jersey sports betting handle. With the March Madness tournament going strong, wagers on basketball dominated the month with a $534 million total throughout the month.

New Jersey sports bettors placed a decent amount of wagers on Spring Training matchups, with a final number of $19.7 million. Parlay betting was also popular throughout March, accounting for $235.9 million of the total handle. Five sports betting operators accounted for 72% of March 2023 revenue in New Jersey: PointsBet Sportsbook, DraftKings Sportsbook, FoxBet Sportsbook, FanDuel Sportsbook, and SuperBook Sportsbook.

New Jersey Sports Betting Snapshot

Online sports betting originally launched in New Jersey in August of 2018, making it one of the very first states to allow for mobile sports wagering after the Professional and Amateur Sports Protection Act of 1992 (PASPA) was overturned by the Supreme Court that May.

Now, the area is home to the top names in sports wagering, from DraftKings and FanDuel to BetMGM and Caesars. Plus, the revamped Unibet Sportsbook platform is expected to be available to New Jersey bettors in May.

Retail sports betting is also fully available in the state at various casinos and raceways. Some of the top examples of hotspots with retail sportsbooks include Tropicana Atlantic City, Oceans Resort Casino, Bonushold Raceway, and the Borgata.