New Jersey sports betting handle surpasses $1bn in March
After missing the $1bn mark in February, the state has recorded $1.12bn in March.
US.- New Jersey sports betting handle has surpassed $1bn in March, the sixth time in the last seven months. After missing the $1bn mark in February when it processed $985.6m in wagers, the state passed the mark in March to collect $1.12bn.
New Jersey sports betting handle registered a 30.7% year-over-year increase from $859.6m in March 2021.
Sportsbooks registered $66.4m in revenue in March, a 9.5% increase year-over-year and a 115.1% increase from February.
Online sportsbooks attracted $1.04bn in wagers, 92.9% of the state’s March handle. FanDuel recorded $33.7m in gross revenue, up from $14m in February. DraftKings registered $8.6m in revenue. Retail sportsbooks won $5.2m on $79.5m in bets. FanDuel registered $3.2 in revenue.
The NCAA Tournament was the main draw in March. Basketball betting, including the NBA and men’s and women’s college basketball, registered $667.3m in wagers. That was an increase of 51.1% from $441.7m in March 2021 and up 32.6% from $503.1m in February.
David Danzis, analyst for PlayNJ.com, said: “In a changing landscape, New Jersey’s sportsbooks were still able to post their best handle in a month without football. Increased competition from New Jersey’s neighbors is inevitably going to affect the state’s sportsbooks, but it continues only to be at the margins. The state’s own bettors have proven a powerful force on their own.”
Eric Ramsey, an analyst for the PlayUSA.com Network, which includes PlayNJ.com, added: “Traditionally, the popularity of the NBA has helped New Jersey sportsbooks fare well during the slower season of sports betting that begins in April. But there are a lot of basketball fans in New York that no longer have to cross state lines, so the seasonality of sports betting could be a bit more pronounced this year.”
Esports Entertainment launches betting platform in New Jersey
Esports Entertainment Group (EEG) launched its betting platform, VIE.gg, in New Jersey after completing the initial five-day “soft play” phase of New Jersey’s Division of Gaming Enforcement’s regulatory process for betting in the state.
The full launch allows bettors in the state to wager on authorised professional esports events. It includes games such as Call of Duty, Overwatch and Counter-Strike: Global Offensive.
