New Jersey Breaks iGaming and Sports Betting Revenue Records in March 2019
New Jersey Sets Records for Total Gambling Revenue in March
Revenue from iGaming and gambling surged in New Jersey, topping $294 million in March.
Land-based casinos saw their income jump over 15% to $223.2 million compared to last March’s figures.
Online gaming, or iGaming, saw the most significant increase with a 53% jump in their year-to-year figures from 2018.
Gamblers booked $39.1 million in online bets, besting the previous record from January of 2019.
The growth in the online sector is due, in part, to the resurgence in popularity of classic casino games such as slots and table games.
The online surge did not roll over to online poker as revenue from that field held steady with a small 1.6% drop totaling $5.6 million in revenue.
Golden Nugget stayed atop the online mountain in New Jersey with $14.2 million in revenue, up 64.4% over last year’s March numbers.
Next on the list was Resorts Digital who saw online revenue double to $8.5 million, up 100.1% over the $4.2 million from last year at this time.
Online gambling totaled $104.5 million in revenue for operators, surpassing last year’s March totals by over 50%.
Total gambling in the state over the first three months of 2019 reached $764.8 million, up 28% from 2018.
The dramatic increase in revenue is undoubtedly supported by the gains in sports betting and iGaming inside the state.
How Much Did March Madness Help the Record?
New Jersey saw a flood of betting during the NCAA’s annual basketball tournament.
For March, over $372 million in sports betting happened inside the boundaries of the Garden State.
During the first three months of 2019, sportsbooks in New Jersey have made around $63 million in profit, giving the state close to $7.7 million in tax revenue.
The huge month by the sportsbooks brought the overall total for sports betting in New Jersey to $2.3 billion since betting began last June.
These records were primarily due to the enormous returns Jersey sportsbooks saw from the Super Bowl and the NCAA tournament.
“U.S. bettors submitted more bets on DraftKings Sportsbook for the opening weekend of the NCAA Tournament alone than the Super Bowl,” said Jamie Shea, the head of digital sportsbook operations for DraftKings.
FanDuel’s sportsbook, located at Meadowlands Racetrack, is still the state’s leader with more than $32 million in sports gambling revenue made this year.
In March, FanDuel earned more than $17.6 million, the best month any sportsbook in the state has ever had.
“Something special is clearly clicking over at FanDuel, who just set a new benchmark for success in regulated online gambling,” said Rich Migliorisi, BonusSeeker.com Managing Editor.
Another location, Monmouth Park Racetrack, brought in $5.4 million from sports wagers in 2019.
Overall, New Jersey is the only state even to come close to rivaling the revenue that the casinos in Las Vegas pull in sports betting revenue each month.
However, Las Vegas usually brings in close to $500 million during March Madness, a figure that the Garden State will fall well short of for the foreseeable future.
The state continues to see healthy returns from sports betting, and with the growing popularity of iGaming, New Jersey will continue to break records in 2019.
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