In the latest gambling news, we bring you the latest numbers from the Garden State, whose sportsbooks and casinos are reporting a remarkable surge in year-on-year numbers for March. In the latest New Jersey sports betting report, sportsbooks record $89.7 million in revenue, while iGaming reports $197.2 million in revenue. Let us take a look at the other important details in their sports betting market.
The latest report from the New Jersey Division of Gaming Enforcement states that all of the sportsbooks in the state took in $1.33 billion in monthly betting handle. This is 22.9% higher than that of February’s. It also places snugly in the top 5 highest handles the state has seen since the market opened years ago.
New Jersey Sports Betting Performs Well in March
The numbers show us the answer to the question we get a lot: is it a good idea to become a bookie? With a billion-dollar handle and millions in revenue for a single betting market, yes. The numbers indicate that there still growth in the sports betting market and you can easily earn if you join the industry. If we want to look at the trends for the state’s sportsbooks, the $89.7 million revenue is down by 3.6% year-on-year due to a hold percentage (6.8%) that dropped by more than two points compared from last year. However, the month-on-month numbers show a 30% surge in revenue.
Much of the credit goes to basketball, specifically that of the NCAA men’s and Women’s basketball tournaments, known to everyone as March Madness. The numbers bring the total Q1 revenue of the state’s sportsbooks at $328 million, which is 49.1% higher than that of Q1 2023. So far, the total year-to-date handle is at over $4.1 billion, giving the state $42.3 million in taxes so far. You can also generate the same report for your own sportsbook operation if you use the best bookie management software. Knowing these numbers will help you identify trends and plan strategies to further improve your sportsbook’s performance.
New Jersey iGaming is on the Rise
If you look at your PayPerHead software, you will see that you have the option to add an online casino to your sportsbook. With Price Per Player, this service is given with no added cost- but gives you the potential to earn even more.
New Jersey’s online gambling market performed well in March, with a revenue of $197.2 million, much higher than that of sports betting even. This is also 19% higher than the same period in 2023.
Get the Best Bookie Software to Handle Your Online Gambling Operation at Price Per Player Today!
You must be logged in to post a comment.