March Madness Windfall: $100 Million Bet On NCAA Men’s Tourney In NJ
SECAUCUS, NJ — New Jersey regulators said that the state saw more than $100 million wagered on the recently completed NCAA men's tournament.
It's the first time that betting on March Madness took place at legal NJ sportsbooks. The tournament — aside from casual and widespread office and online pools — had only been legal to wager on in Nevada in the United States.
The state's sports betting operators held about 10% of bets on $106 million in handle. That generated more than $10 million in revenue for sportsbooks, according to data released by the NJ Department of Gaming Enforcement on Thursday at the Betting On Sports America conference.
Handle would have straddled March and April, as the Final Four fell in the latter month. The state took about $370 million in wagers in March.
The DGE also reported that there was $182 million in college football wagering in 2018, and $52 million in handle in college hoops in 2018.
Wagering in the state started in the summer of 2018, so those numbers would not include any figures from 2017-2018 season. It would also not capture the final bowl games or the national championship, which took place in January 2019.
The post March Madness Windfall: $100 Million Bet On NCAA Men's Tourney In NJ appeared first on Legal Sports Report.
Andy has been writing and posting about offshore sportsbooks for over 15 years. He's also an active sportsbook bonus seeker and seasoned online gambler on US sports.
The Tar Heel Turf: The Evolving Landscape of North Carolina Sports Betting (Updated for January 6, 2024)
NC sports betting update January 2024: The Tar Heel State is in the midst of…
The Expansion of Sports Betting Apps: States That Have Legalized it by 2024
Sports betting has experienced a significant surge in popularity in recent years. With the convenience…
Sports Betting Laws by State
Sports betting has grown immensely in popularity over the last decade, becoming a billion-dollar industry…
Is Bovada Legal in California 2024?
Is Bovada Legal in California? Yes, Bovada is legal in California because it is an…
Is Matched Betting Legal in the US?
Is Matched betting Legal in the US? Looking for guaranteed Legal wins? Matched betting could…
Is sports betting legal in Wisconsin? What to know & Where to Bet
If you are a Wisconsin resident, you may be wondering if Wisconsin allows sports betting…