After a Month Off, New Jersey Goes Back Over $1 Billion in Sports Betting Handle
After failing to reach the $1 billion mark in handle during February, New Jersey’s sports betting bounced back with a March handle of $1.120 billion, up 13.7% more than February’s $985.6 million. The total was also 30.4% higher than March 2021’s $859.6 million.
Online betting made up $1.041 billion of the handle, up 15.8% from February’s $899.6 million and was 33.5% more than March 2021’s $780.1 million. Mobile betting made up 92.9% of the overall New Jersey sports wagering market.
New Jersey’s sports betting revenue was $66.4 million, an increase of 115.1% from February’s $30.9 million and 9.3% higher than March 2021’s $60.8 million.
New Jersey iGaming revenue in March was $423.7 million, an increase of 13.5% over February’s $373.3 million and 17.9% more than March 2021’s $359.3 million.
New Jersey’s internet gaming win was $140.7 million, up 8.2% from February’s $130 million and was 23.7% higher than March 2021’s $113.7 million.
New Jersey Sports Betting, March vs. February
| Total handle | Mobile handle | Revenue | |
|---|---|---|---|
| March | $1.121B | $1.041B | $66.404M |
| February | $985.568M | $899.632M | $30.873M |
| Change | Up 13.7% | Up 15.8% | Up 115.1% |
New Jersey Sports Betting, February 2022 vs. February 2021
| Total handle | Mobile handle | Revenue | |
|---|---|---|---|
| March 2022 | $1.121B | $1.041B | $66.404M |
| March 2021 | $859.618M | $780.145M | $60.755M |
| Change | Up 30.4% | Up 33.5% | Up 9.3% |
New Jersey Bettors Couldn’t Back Saint Peters
Saint Peters was the darling of March Madness. The No .15 seed upset No. 2 Kentucky, No. 7 Murray State and No. 3 Purdue en route to reaching the Elite Eight.
But the Peacocks Cinderella run ending in the Elite Eight with a loss to eventual national champion runner-up, North Carolina.
While many cashed out winning tickets on the Peacocks, those in New Jersey were not able to do so.
State laws do not allow New Jersey residents to place bets on any in-state college teams or any college contests taking place in the state. This law had the potential to be overturned in November, but 57% of the voters elected against the proposal.
Virginia, Washington, and South Dakota also have similar restrictions in place involving college betting.
The uniqueness of New Jersey’s ban on college sports allowed North Carolina futures ticketholders to relax heading into the Elite Eight matchup with Saint Peter’s.
At BetMGM in New Jersey, if an in-state team won the region, it would pay out the second-place team as a winning bet.
This meant regardless of the outcome, North Carolina bettors who had the Tar Heels making the Final Four would cash out their ticket.
North Carolina opened the tournament at +2200 to reach the Final Four.
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