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PA, NJ Sportsbooks Report March Madness Bump

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Pennsylvania and New Jersey reported a rise in sports betting during this year’s March Madness.

Pennsylvania sports betting increased by almost one-third as additional venues opened in time for the college basketball championships.

Gamblers bet a record $44.5 million in March, according to statistics released this week by the Pennsylvania Gaming Control Board. Those bets were placed at six casinos and two off-track betting establishments. For comparison, $31.5 million was bet in February, which had three less days.

Almost $12 million was wagered at Rivers Casino in Pittsburgh. The SugarHouse Casino in Philadelphia brought in just over $9 million in bets and Parx Casino, in the Philadelphia suburbs, came in third with $8 million. The casinos made $5.5 million and $2 million toward state taxes.

New Jersey's March Madness
In neighboring New Jersey, March brought the state’s second-highest total of sports bets.More than $372 million in sports wagers were made in the Garden State in March bringing the state’s total to $2.3 billion since June, when betting began New Jersey made more than $63 million from sports betting and paid $7.7 million in the first three months of the year. New Jersey and Delaware are the only states to meet their tax revenue projections from sports betting.

Many New Jersey sportsbooks reported that the number of bets it took on the NCAA basketball championships exceeded bets placed on the Super Bowl in February.

“In this year’s first ever March Madness with legalized betting available, U.S. bettors further proved to be fervent college basketball fans, and submitted more bets on DraftKings Sportsbook for the opening weekend of the NCAA Tournament alone than the Super Bowl,” Jamie Shea, the company’s head of digital sportsbook operations, told the Associated Press. “While March had certainly been marked on our calendars before, this past tournament gave us a glimpse into the staggering business potential of college basketball in an expanded regulated betting market.”

FanDuel and its sportsbook at Meadowlands Racetrack in East Rutherford, N.J., leads the state in sports wagering revenue with more than $32 million this year. FanDuel reported earning $17.6 million in March, the best month of any sportsbook operator since betting began outside of Nevada. Oceanport’s Monmouth Park Racetrack reported $5.4 million in sports bets this year.

New Jersey’s monthly gaming stats also reported of the nearly $1.1 billion in bets placed, about $862,000 were made online.