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New Jersey was one of the very first states to go all in on sports betting after PASPA was overturned in 2018. March 2023 was the third-best month of revenue ever, with a reported $93 million. That allowed $11.9 million to be collected by the state, with online bets accounting for about 95% of the taxes.
No one should be surprised that March was a big month, with the NCAA Tournament driving a lot of betting traffic all across the country. The total New Jersey handle was just over a billion dollars, with over half of that coming from college basketball betting alone.
Parlays were the second most prominent bet type, with them accounting for over $200 million of the betting handle. Baseball started and was in spring training and had almost $20 million in bets placed in March. Surprisingly, spring football leagues only accounted for $2 million of the betting handle, meaning spring training baseball had ten times the amount of betting money bet on it.
Total March Gaming Revenue: $441,021,278
15% increase over 2022
Total Year-to-Date Gaming Revenue: $1,336,454,736
13.4% increase over 2022
Total March Sports Wagering Handle: $1,025,779,225
Total Year-to-Date Sports Wagering Handle: $2,955,417,869
As other states continue to legalize and launch sports betting, it would be logical that sports betting handles and tax revenues could go down in New Jersey. States near New Jersey to legalize recently include Massachusetts, New York, Maryland, and more. Each of those states has launched within the last year.
Even with that, New Jersey has still had a year-to-date handle from Q1 of this year, growing over ten percent from last year. Even with more markets legalized, the New Jersey sports betting market is strong, and continued growth seems to be the trend in the Garden State.
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