New Jersey Sports Betting Bounces Back
The sports betting numbers in New Jersey took a step back in February, but that was in line with the rest of the United States. As expected, those numbers headed back in the right direction in March as the NCAA Men’s Basketball Tournament provided plenty of action.
New Jersey actually failed to reach the $1 million mark in total sports betting handle in February, but that wasn’t the case in March. The total handle was $1.12 billion and it has the state back on track in the sports betting industry.
The March 2021 sports betting handle was just $859.6 million and it speaks to the yearly growth in this market. New Jersey is no longer the sports betting leader in the United States, but it just continues to put up some solid numbers.
Once again it was online or mobile betting that dominated the total sports betting handle in New Jersey. That total was $1.041 billion and it’s clear that people are still staying away from the retail sportsbooks in Atlantic City.
The total sports betting revenue for the month of March was also an increase as that total was $66.4 million. The revenue for the month of February was just $30.9 million so there was an increase of over 100 percent month-to-month.
New Jersey is still not expected to challenge the numbers that come in from the state of New York, but this still should hold down the number two spot for the month.
No In-State College Betting
The March 2022 sports betting could have been even higher if there wasn’t a rule in place banning betting on in-state college teams. New Jersey has a number of Division I colleges, but it was the most unlikely school that made the biggest run.
The Saint Peter’s Peacocks advanced all the way to the Elite Eight in the 2022 NCAA Tournament, but betting on this team was off-limits to bettors in the state. States throughout the United States have had to come up with rules on collegiate sporting events, and New Jersey has taken a pretty strong stance.
All iGaming Numbers Taking Off
The online sports betting industry wasn’t the only one that saw growth as both online poker sites and online casinos also saw a boost in the monthly numbers. New Jersey is still waiting for a jump in the in-person betting numbers, but people continue to bet online.
The total online gambling revenue for the month of March was over $140 million, and it was the first time that the industry has achieved that number. That was a jump from nearly nine percent in February and a 24 percent year-over-year.
Even though New Jersey saw a massive jump in the online gambling numbers, Pennsylvania actually posted better numbers. This was the first time in history that New Jersey didn’t have the most online betting revenue as Pennsylvania went over the $142 million mark.
