New Jersey reported $859.6 million in sports betting handle for the month of March, coming up short of industry expert predictions of a potential $1 billion total handle.
New Jersey Sports Betting Can Not Crest $1 Billion
No state has ever crested $1 billion in sports betting handle in a single month and several industry experts predicted New Jersey may topple the number in March due to increased interest from the NCAA Men’s Basketball Tournament. While the tournament did help increase the total March handle by over $100 million from the February mark, it did not come close to the record number the state set of $996 million in December 2020.
The Meadowlands Racetrack once again dominated all sports betting institutions in the state, posting $31.2 million in sports betting revenue in March.
|Racetrack Licensees||2021 June Revenue||2021 May Revenue|
Elsewhere, Resorts Digital continued its strong run, posting more than $14 million in sports betting revenue, almost doubling its figure from February.
Also a strong side for the overall health of the market, every sportsbook reported a profit in sports betting for March, compared with several who reported sports betting losses in February.
|Casino Licensees||2021 June Sports Wagering Revenue||2021 May Sports Wagering Revenue|
|Golden Nugget Online Gaming||$80,615||($87,211)|
For the month of March, the total sports betting revenue in the state was $189,339,613.
Can New York Online Sports Betting Plan Tip The Scales?
New Jersey has been the national leader in sports betting revenue and handle since legalizing sports betting in 2018. But with New York’s online sports betting plan poised to ramp up by the Super Bowl will there be a new challenger to the crown?
New York officials have estimated upwards of $500 million in revenues for the state when the online betting plan is fully operational, but estimates for a monthly handle have not yet been determined.
However, an industry study cited by Gov. Andrew Cuomo estimated that nearly 20% of New Jersey’s sports betting revenue came from New York residents crossing into New Jersey to wager on games.
If New York’s online betting program is successful, it can be expected that the majority of these state boundary jumpers would remain in the state for the sake of convenience.
Senator Joseph Addabbo Jr. (D-15), a longtime proponent of online sports betting for New York, said New York can likely retain some of those bettors if the state offers an elite, top-tier program.
New Jersey has a two-year head start over New York, as does Pennsylvania. New York must also compete with the bevy of illegal sportsbooks state gamblers have used over the last several years, he noted.