Since legal sports betting hit New Jersey in late June 2018, the state has handled more than $2.3 Billion in wagers. Just last month alone, people bet more than $372.5 Million on the NCAA March Madness Men’s Basketball Tournament. Which, was slightly shy of the $385.3 Million record set back in January 2019. So as you can see, sports betting in the Garden State is jamming right now. After analyzing the consistency, many believe NJ will eventually overtake Nevada as the most significant legal sports betting market in the United States.’
A Toast to Betfair’s FanDuel
Compared to February, sports betting revenue jumped 150% from $12.7 Million to a whopping $31.7 Million. Also, Betfair FanDuel crushed the record books as well. In fact, they generated more than half of the states total revenue from sports gambling. On top of that, they also doubled their own revenue from $8 Million in February to $17.5 Million in March. Besides that, the first week of March Madness produced more action than the Super Bowl. With that said, online sports betting will likely bear much more fruit in the near future, as this is still only the beginning. Even land-based casino revenue is up 15.7% to $223.1 Million YOY. So, NJ sports betting is proving to be a game changer.
More Records to Break
As we all know, March Madness was a huge success for sportsbooks in the Garden State. However, that was only the start of things. On April 13th, the NBA Finals also jumped off to a great start. Better yet, the playoffs will not conclude until sometime in June. Therefore, it’s expected that these numbers are going to sore much higher in the coming weeks and months. Even though the Nets are no longer in NJ, AC still sees them as their own, so there should be a big turnout of support for the new Brooklyn team. All they have to do at this point is to survive against the 76ers.