- The figures represented by the New Jersey Department of Gaming Enforcement do not include bets on the tournament that were made in April.
- March Madness betting resulted in almost three times the number of bets that were made on the Super Bowl.
SECAUCUS, N.J. – Even though the 2019 March Madness tournament has come and gone, NJ sportsbooks are still counting the revenue that came from the event.
That’s because earlier this week at the Betting on Sports America Conference, the New Jersey Department of Gaming Enforcement revealed that in the month of March about $106 million was wagered on the college basketball tournament alone.
March Madness betting in NJ effectively made up about a third of the total $370 million that was bet on sports during the month and those bets yielded a hold of 10.2% by themselves.
These numbers aren’t even counting the bets that were placed on the Final Four or on the championship game since those took place in the month of April.
They are also missing certain wagers since according to New Jersey’s gambling laws; sports bettors inside the state can not bet on any collegiate sports teams that are based in New Jersey, nor can they bet on collegiate sporting events that take place in the Garden State.
Still, even without taking those figures into account, March Madness betting brought in three times the number of wagers than the Super Bowl took in.
The reason for the increase comes primarily from the fact that even though the Super Bowl tends to come with more prop bets than any other single game, the March Madness Tournament accounts for many games.
The rise of New Jersey sports betting as a whole comes as no surprise either. Since the activity was officially launched in June of last year, New Jersey has seen a total of 2.3 billion dollars wagered on sports.
– In his career, Hasan has worked both local and state government positions—including the Attorney General’s Office in Florida. On top of being familiar with the legislative process, he has also been researching and writing on the legality of sports betting across the US. Outside of work you’ll most likely find him producing or playing music, playing sports, or working on creative writing projects. You’ll also catch him at Doak Campbell Stadium cheering on the Noles.