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Jake Allen #34 of the New Jersey Devils takes the ice as we look at the 2024 March sports betting financials for New Jersey
Jake Allen #34 of the New Jersey Devils takes the ice before the game against the Toronto Maple Leafs at Prudential Center on April 09, 2024 in Newark, New Jersey. Photo by Elsa/Getty Images via AFP.

The 2024 NCAA Tournament provided a nice boost for New Jersey in March, resulting in the fourth-best handle month ever for the market and our best sports betting sites.

According to a report by the New Jersey Division of Gaming Enforcement, sports betting activity spiked year over year and month over month in March, although revenues failed to follow a similar pattern. An underwhelming hold rate dragged profits down.

It wasn't the usual two-horse race regarding monthly performance for New Jersey sports betting sites. A sleeper sportsbook snuck in for second in terms of revenues, ahead of one of the national betting behemoths.

$1.33 billion March handle

New Jersey sports betting sites accepted $1.33 billion in wagers in March, the fourth-highest monthly total in 70 months of operation. Residents definitely took advantage of New Jersey sportsbook promos.

The $1.33 billion represents a month-over-month 22.9% increase from the $1.08 billion reported in February and is an even better 29.6% year-over-year improvement from the $1.03 billion in bets from March 2023.

March was the seventh month that New Jersey sports betting apps have eclipsed the $1 billion monthly handle plateau.

$89.7 million in March revenues

Sports Wagering Gross Revenue reported for New Jersey casinos, racetracks, and their partners was $89.7 million for March 2024. It is a 3.6% year-over-year increase from just over $93 million reported in March 2023 but is a nice $32 million improvement from February.

The hold rate was a slightly underwhelming 6.8% in March, 2.3% lower than the same period last year but a little over a half-percentage point higher than in February.

New Jersey sports betting apps paid $11 million in taxes in March, taking the year-to-date total to $42.3 million. That's $13.9 million ahead of last year's pace.

So far, in 2024, sports betting revenues for New Jersey providers stand at $328 million after March, a 49.1% year-over-year increase for the three-month period. That number is heavily aided by the record January revenue haul of $170.8 million.

FanDuel wins revenue battle over PointsBet

A new era has officially started in New Jersey, with the first-ever release of monthly figures for individual New Jersey sports betting apps. Prior to that, partnerships' earnings, some of which had multiple skins, were released, not individual books.

To nobody's surprise, FanDuel New Jersey topped all mobile apps with more than one-third of the total revenues reported by state providers. FanDuel reported $29.5 million in revenues alone in March and now has a whopping $136.9 million in revenues in the Garden State this year.

PointsBet New Jersey, which has yet to switch to the Fanatics Sportsbook brand, shockingly came in as the second-most successful Garden State sports betting site in terms of profits in March. It made $20.1 million in revenue in March, edging out DraftKings New Jersey, which made $17.6 million in revenues last month.

BetMGM New Jersey reported almost $5.9 million in March revenues, with Caesars Sportsbook New Jersey rounding out the top five and bet365 coming in a close sixth.