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March Madness delivers big month for New Jersey sports betting

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The New Jersey sports betting industry has recorded its second-biggest month since trading began in June last year.

The month of March saw punters in the Garden State wager $372 million on sports, while betting operators collected $31.6 million in revenue.

Those figures come courtesy of March Madness, with basketball betting accounting for 53 per cent ($205m) of total money wagered.

This is just the latest in a string of promising returns for New Jersey’s gambling scene since the turn of the year.

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The high mark was set in January, when gamblers spent $385.2 million in the lead-up to February’s Super Bowl.

New Jersey bookies have raked in over $63 million in revenue so far in 2019, with strong numbers also expected for April and beyond.

There was plenty of gambling interest in the US Masters as Tiger Woods claimed his 15th major title, while the NBA Playoffs will continue to attract money through to the finals in June.

New Jersey casinos also enjoyed a big March, recording a $223.2 million win, while internet gambling revenue rose 53 per cent to $39.1 million.

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