According to data released by the New Jersey Division of Gaming Enforcement, the Garden State’s sports betting handle reached $1.33 billion in March alone. 

New Jersey’s sports betting handle of $1.33 billion in March was the fourth highest since 2018

It was the fourth-highest amount since sports betting was legalized in New Jersey in 2018. Adjusted revenue for March was $89.7 million, a decrease from March 2023 when sportsbooks reported $93 million in revenue. 

The 3.6% decline occurred because of a 6.8% hold rate compared to 9.1% in the same month last year. 

Per New Jersey Division of Gaming Enforcement, the state’s sports betting handle has also exceeded $1 billion for seven consecutive months, an all-time high. 

The handle saw a 22.9% from the $1.08 billion wagered last month and a 29.6% year-over-year increase from the $1.03 billion in total bets placed during March 2023.

New Jersey casinos, racetracks, and their partners collected $89.7 million in gross revenue from sports wagering in March. It is a 3.6% year-over-year increase from March 2023.

New Jersey saw a 49.1% increase in revenue through the first three months of 2024 compared to the same period last year

Additionally, the $328 million revenue through the first three months in 2024 is up 49.1% over the first three months of 2023. This was a step in the right direction. 

However, the hold rate was an underwhelming 6.8% in March, a 2.3% decrease from the same period last year, though still higher than February’s mark.

Of course, New Jersey sports betting apps also paid $11 million in taxes in March, bringing the total to $42.3 million. It is $13.9 million more than last year’s number.

FanDuel New Jersey led all mobile apps with more than 33% of the total revenues reported by state providers. The sportsbook reported $29.5 million in March and now an incredible $136.9 million in revenues so far this year.

Next, PointsBet New Jersey was the second-most successful sports betting site in the state, generating $20.1 million in revenue in March. PointsBet beat out DraftKings New Jersey, which made $17.6 million in revenue.

BetMGM New Jersey reported nearly $5.9 million in revenue for March. Caesars Sportsbook New Jersey finished fifth and bet365 placed sixth.

Parlays accounted for about 25% of the handle, but they contributed over 60% of the Garden State’s revenue. Out of the state’s year-to-date handle of $4.14 billion, parlays represented roughly $1.05 billion of that amount.

For revenue, parlays made up $203.2 million of the $331.6 million that New Jersey sportsbooks reported. The hold on parlays came to 19.2%, more than twice as high as any other wager.