New Jersey‘s online and retail sportsbooks surpassed $2 billion for the month of March, a near-record.
Dubbed March Madness, the spike was fueled by the NCAA Men’s Basketball Tournament according to analysts at PlayNJ.com.
The firm’s Lead Analyst Dustin Gouker noted: “The first week of March Madness generated more action than the Super Bowl, and even the First Four games attracted enough betting to rival a busy weekend of NFL regular season football.
“That is unquestionably a massive success and shows clearly the importance of college basketball to the Northeast’s legal sports betting markets.”
New Jersey’s online and retail sportsbooks took $372.5 million in March bets, just shy of the record $385.3 million in January, according to official reporting. Online and retail sportsbooks in the state have now accepted $2.3 billion in bets since legalisation in June 2018.
March revenue came in at $31.7 million, up 150% from February’s $12.7 million total. The win and a high-water gross revenue mark for the state’s online casinos combined in March to generate more than $70 million in monthly revenue.
Gouker added: “$2 billion in bets in nine months shows just how much pent-up demand for legal sports betting existed in New Jersey. As quickly as the industry has ramped up, though, the next milestone should come more quickly. $3 billion is certainly within reach by the industry’s first anniversary in June.”
New Jersey’s online sportsbook brands accounted for $298.3 million, or 80.8%, of total March bets. That’s even with the 80.8% of bets that flowed through online sportsbooks in February.
The news comes just days ahead of the inaugural Betting on Sports America conference, where AffiliateINSIDER founder and CEO Lee-Ann Johnstone will host an Affiliate Marketing Masterclass. Find out more information here.