Solid March for bettors results in revenue dip for New Jersey sportsbooks
Garden State operators see 20.5% YOY decline in monthly GGR to $71.3m across retail and online operations
March proved favorable to New Jersey bettors as sportsbooks saw an annual decline in monthly revenue to $71.3m, according to new data from the state’s Division of Gaming Enforcement (NJDGE).
The figure represented a 20.5% year-on-year (YOY) decrease in gross gaming revenue (GGR) from the same period of 2024 and a slight 3.1% month-on-month (MOM) downtick from $73.6m in February.
Monthly handle amounted to $1.1bn — a 16.7% YOY drop — equating to a below-average statewide hold of 6.4%.
The lukewarm results were likely fueled in part by a March Madness dominated by favorites and top seeds, which helped pad the pockets of bettors. That resulted in a total of $9.9m in tax payments back to the state.
Turning to operators, FanDuel continued to hold the top spot after amassing $23.4m in gross revenue — or just under one-third of the market.
DraftKings wasn’t too far behind its primary US competitor at $19.9m in revenue, while BetMGM grabbed the third spot on the podium with $8m in GGR.
Fanatics ($4.4m), Caesars ($3.2m), bet365 ($2.8m), and ESPN Bet ($2.6m) were all in range of one another as part of a robust second tier.
Looking at the igaming ledger, March revenue came to $243.9m, marking a new monthly record and a 23.7% YOY surge. Year-to-date revenue pushed to $673.3m, which is 19.6% ahead of last year’s pace.
FanDuel was the market leader in igaming as in sports betting, with $52.3m in revenue compared to $49.5m for DraftKings.
DraftKings’ other igaming brands, golden Nugget and Jackpocket, returned revenue of $12m and $1.5m, respectively.
BetMGM took the final podium place again with $31.6m in revenue, while the Borgata brand secured revenue of $22.4m.