March Madness Bets Make Big Money For New Jersey Sportsbooks
- New Jersey sportsbooks make $63 million in the first three months of this year thanks to March Madness betting.
- PlaySugarhouse’s active users increase by 40% during the first week of March Madness tournament compared to the week before.
- The nine casinos in Atlantic City and two New Jersey racetracks that provide sports betting made $294 million in casino gambling and sports betting revenue in March.
TRENTON, N.J – College basketball also brings another thing many people enjoy and hunger for. Money. For New Jersey sportsbooks during this year's March Madness college basketball tournament, it brought just that. The state's sportsbooks have made $63 million in the first three months of this year. This is due in part to a large number of money bettors spent on this year’s anticipated NCAA college basketball tournament.
With many teams facing unexpected upsets early in the tournament, sports bettors faced some harsh realities with their bets. New Jersey sportsbooks, however, cashed in big thanks to the surge in sports gambling on the tournament. The state's sportsbooks, both online and land-based, received $372.5 million in sports bets in the month of March. Making $31.7 million in March revenue alone.
The college basketball tournament is full of exhilarating highs and devastating lows, bringing in even more sports gambling money than other popular professional sports in the country.
Without the March Madness tournament sportsbooks in the New Jersey area would not receive anywhere close to the revenue they make with it. The sport is shaping up to be a stable source of gambling revenue for The Garden State, at least during the month of March.
The tournament provided leaps of revenue for various sportsbooks throughout the New Jersey area like the Borgata, who brought in $65.7 million in sports gambling revenue in March. This was a 1.3% increase from last year. The PlaySugarhouse had a 40% increase in bettors during the first week of the college basketball tournament compared to the week before.
Combining the nine casinos in Atlantic City and the two New Jersey racetracks that also provide sports betting, the total revenue for sports betting in March was $294 million. A huge sum of money for the State of New Jersey. A large portion of this revenue for the sportsbooks coming from betting on the college basketball tournament.
With the NBA discussing changes on the drafting ages for basketball players coming out of high-school the sports betting market for college basketball could lose some potentially big stars to the NBA. For the time being though, sports betting in New Jersey can continue to relish in the surge in March sports betting thanks to the March Madness tournament.
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