Last updated on July 11th, 2019 at 01:01 am
NJ bookie revenue improved during the NCAA basketball tournament. According to the report from the Division of Gaming Enforcement, bettors wagered $373 million during March. In fact, it was a good rebound from the flat February revenue numbers.
What’s more impressive is that NJ bookie revenue reached the billion-dollar mark since sports betting became legal in the state. According to gambling news, sports betting gross revenue of the state is at $63 million. That’s good considering the state started taking bets on sports on June 14.
Most of the NJ bookie revenue for March came from FanDuel with $17.6 million. Its rival, DraftKings, earned $7.3 million in revenue. In fact, FanDuel has been the top sportsbook in the state in both retail and mobile markets.
NJ Bookie Revenue Improves in March
FanDuel recorded record-breaking revenues due to March Madness. In fact, it generated its biggest revenue for a month since the legalization of sports betting in the state last June.
In March, total gaming revenue was $293 million, which was a 34.5 percent improvement year over year. New Jersey’s first quarter gaming revenue was $764 million, which is an increase of 28.6 percent from the previous year.
Casino revenues increased 13.7 percent from the previous quarter to $597 million. Online gaming increased 50.3 percent to $105 million compared to the previous quarter.
The DGE has been cracking down on illegal bookies in the state. Pay per head bookie operators hope the state opens to independent players. However, the expensive fees might make a bookie PPH venture in NJ not viable.
February NJ bookie revenue was a disappointment due to the losses sportsbooks suffered from the Super Bowl. The state’s sportsbooks handled $320 million that month, which was down from $85 million in January. Bookies blamed the end of college football and NFL for the slow down in handles.
