March Madness Attracts $106M In Bets In NJ
Much like its basketball tournament’s namesake, March really was a month of madness for New Jersey’s sports betting industry. Basketball’s March Madness tournament has seen record betting figures being tallied, and the $106 million wagered on this single event alone, is almost three times the value of the total wagers bet on this year’s Super Bowl. Really, you couldn’t make this up if you tried.
According to information made public by New Jersey’s regulatory watchdog, the New Jersey Division of Gaming Enforcement, a total of $34.9 million was wagered in February in the state, with every last cent of it played on the Super Bowl. Thanks to the influx of bets made on the NCAA’s March Madness basketball tournament, many operators report having had the best month in a very long time in terms of revenue and profits.
New Jersey’s sportsbooks now get to share in profits totalling $10.8 million thanks to a single landslide event.
Online Still King Of Revenue
Considering the fact that New Jersey registered total bets to the tune of $372 million for the month of March, the NCAA event was responsible for more than 30% of the total bets placed. And judging by the state’s betting profit margins, it was worth the blood and the sweat.
Not surprisingly, 80% of all bets were wagered online, and the remaining 20% of bets were placed at local licensed venues. Online has obviously not stopped to work pure magic for the market, and it remains one of the most popular gambling and betting highways.
The sports betting legalisation debate is an ongoing conversation in most states. Many states are inviting comments from the public before making a final decision as to whether or not join the revolution.
Legal Betting A Huge Victory
Most people agree that the legalisation of sports betting in the States could very well be one of mankind’s biggest modern-day victories. More than one bookie that had been left down and out and in the lurch has managed to slowly and surely make a comeback into the main-stream market. Casino games may be where the party’s at, but sports betting funds it all.
It’s a very important business sector to be taking cognisance of and missing it means missing out. The remainder of America’s states not yet on the sports betting wagon would be advised to hop on up because there’s some real money to be made.