March Madness results in gladness for New Jersey sports books

by Marie Rodriguez

A blizzard of bets from college basketball lovers in March helped New Jersey to its second maximum monthly sports betting overall, as March Madness translated into March Gladness for sportsbooks. More than $372 million in sports bets had been made in the nation’s ultimate month. That brings New Jersey’s total because sports activities making a bet started closing June to over $2.3 billion.

After paying off winning bets and accounting for charges, New Jersey’s sports activities books have remodeled $ sixty-three million from sports activities betting and paid $7.7 million in kingdom taxes within the first three months of this yr. New Jersey and Delaware are the most straightforward states with newly legalized sports activities having a bet to meet their tax revenue projections from making a bet. Several sports activities books said the number of chances at the university basketball event and their dollar amounts passed from the NFL’s Super Bowl.

“In this 12 months’ first-ever March Madness with legalized making a bet available, U.S. Bettors similarly proved to be fervent college basketball enthusiasts and submitted greater bets on DraftKings Sportsbook for the opening weekend of the NCAA Tournament on my own than the Super Bowl,” stated Jamie Shea, the organization’s head of digital sportsbook operations. “While March had truly been marked on our calendars earlier than, this beyond match gave us a glimpse into the outstanding commercial enterprise capability of college basketball in an elevated regulated making a bet marketplace.”

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