College basketball’s biggest month produced significant year-over-year sports betting decreases in the Garden State.
Key takeaways
- NCAA basketball’s postseason didn’t create as much action as the previous year.
- Betting dollars and revenue during the first three months of 2025 were down compared to 2024.
- Total gaming income was up 3.7% in March.
The New Jersey Division of Gaming Enforcement reported Wednesday that online and retail sportsbooks generated $1.11 billion in March wagers, down 16.5% from last year’s handle. Despite lesser action, New Jersey’s March handle surpassed $1 billion for the sixth time in the last seven months.
March’s gross revenue topped out at $71.3 million, a 20.5% year-over-year decrease. Based on other reporting states, less profit was to be expected.
A lack of upsets in the NCAA tournaments led to favorites advancing deep into March Madness and customer-friendly outcomes, especially with moneyline parlays.
Six of 11 New Jersey online sports betting operators active in March 2024 reported year-over-year income drops. Five brick-and-mortar sportsbooks also experienced a negative change.
Rough start to 2025
The first three months of the year are some of the busiest of the sports calendar. Between the NFL playoffs in January, February’s Super Bowl, and March Madness, Garden State operators generated $4.13 billion in wagers during that stretch in 2024.
However, 2025's first three-month handle reached just $3.25 billion, a 21.3% drop from the previous year’s period. Revenue also slipped 18.6% from $328 million to $267.1 million, according to the NJDGE.
March’s year-over-year handle decrease was even greater than February’s, when action fell 8.4% from the previous year. Super Bowl month, however, produced 3.1% more profit than March, despite handle falling below $1 billion for the first time since Aug. 2024.
Operator revenue down
| Online Operator | March Revenue | YTD Revenue |
| FanDuel | $23.4 million | $110.4 million |
| DraftKings | $19.9 million | $75.8 million |
| BetMGM | $8 million | $21.3 million |
| Fanatics Sportsbook | $4.4 million | $14.6 million |
| Caesars | $3.2 million | $8.6 million |
| bet365 | $2.8 million | $11.7 million |
New Jersey online sports betting generated $68 million in revenue, down 20.6% year-over-year. FanDuel reported the biggest March haul with $23.4 million, below February’s $33.9 million. The online operator is the first and only Garden State sportsbook to reach $100 million in revenue during 2025's first three months.
DraftKings generated $19.9 million in March income, about $400,000 less than February. BetMGM was one of the few online books with a significant month-over-month and year-over-year revenue increase. Its $8 million was up more than $2 million from February and 35.8% higher than March 2024.
Fanatics Sportsbook produced $4.4 million to finish fourth and run its year-to-date total above $14.5 million. Caesars' $3.2 million generated online put the operator ahead of bet365, ESPN BET, and BetRivers, the other three sportsbooks to reach seven-figure profits.
Tax hike?
Sports betting operators paid out $9 million in tax revenue in March. Gov. Phil Murphy recommended raising New Jersey’s tax rate from 13% to 25%. iGaming, which produced over $36 million in Garden State tax revenue in March and $100 million year-to-date, could also go to 25% from its current 15%.
New Jersey March online casino profits of $243.9 million were up 23.7% year-over-year. The $673.3 million three-month income total is a nearly 20% increase from the same period in 2024. Total gaming revenue, including land-based casino profits, rose 3.7% to $546.1 million in March.
