The NCAA’s college-level basketball tournament March madness saw record betting in New Jersey. Over $106 million was wagered during the event which is almost three times the betting on Super Bowl, in February.
While in the Super Bowl’s final game New England Patriots defeated the Los Angeles Rams the March Madness concluded with the University of Virginia beating Texas Tech.
In terms of revenues, New Jersey sportsbooks made $10.8 million in revenue from wagers placed on the NCAA’s March Madness. For many operators, it was by far the best month they have had in years.
The event also contributed to over 30 percent of the total wagers placed on all sporting events in New Jersey. Over $372 million was wagered in March across all sporting events.
The operators reported a profit of 10.2%.
While $80 million was wagered online, the remaining came from bets placed at licensed gaming venues. The figures indicate that when it comes to sports betting a majority of bets are placed online and from mobile devices.
The debate over legalizing sports betting is already ongoing in several US states as they are inching towards gambling expansion following the Supreme Court’s orders last year.