Bets on the college hoops tournament brought in $10.8 million in revenue for New Jersey’s sportsbook operators, which include most Atlantic City casinos and two racetracks, the Meadowlands and Monmouth Park. Several sportsbooks said the college tournament contributed to the best month they’ve had yet in New Jersey, where legal sports betting began last June.
March Madness bets accounted for nearly one-third of the $372 million wagered on all sporting events in New Jersey last month.
The hold percentage, or profit, for the sportsbooks was 10.2%.
Of the $106 million wagered on the tournament, more than $80 million was bet online, the latest indication that the future of the rapidly growing industry lies with gamblers placing wagers via smartphones and computers. Several states considering legalizing sports betting are hesitating to approve mobile betting.
In the 10 months that New Jersey has allowed legal sports betting, gamblers have wagered more than $2.3 billion.