Sports

March Madness bets 3 times higher than Super Bowl bets in NJ

Combined Shape

SECAUCUS, N.J. (AP) — Football’s championship game may have been super, but gamblers in New Jersey dug much deeper into their wallets for college basketball’s national championship tournament.

More than $106 million was bet in New Jersey on the NCAA Tournament — three times the amount bet on the Super Bowl.

The New Jersey Division of Gaming Enforcement released statistics from the tournament Thursday at a sports betting conference in Secaucus.

The agency had revealed in February that $34.9 million was wagered in New Jersey on the Super Bowl, in which the New England Patriots defeated the Los Angeles Rams.

March Madness culminated in the University of Virginia winning the NCAA championship in early April, beating Texas Tech.

Trending:
Biden Cancels Trump's 'Garden of American Heroes' and Ends Exec Order Protecting Monuments

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.

__

Follow Wayne Parry at http://twitter.com/WayneParryAC .

The Western Journal has not reviewed this Associated Press story prior to publication. Therefore, it may contain editorial bias or may in some other way not meet our normal editorial standards. It is provided to our readers as a service from The Western Journal.

Truth and Accuracy

Submit a Correction →






We are committed to truth and accuracy in all of our journalism. Read our editorial standards.

Tags:
,
Combined Shape
The Associated Press is an independent, not-for-profit news cooperative headquartered in New York City. Their teams in over 100 countries tell the world’s stories, from breaking news to investigative reporting. They provide content and services to help engage audiences worldwide, working with companies of all types, from broadcasters to brands.
The Associated Press was the first private sector organization in the U.S. to operate on a national scale. Over the past 170 years, they have been first to inform the world of many of history's most important moments, from the assassination of Abraham Lincoln and the bombing of Pearl Harbor to the fall of the Shah of Iran and the death of Pope John Paul.

Today, they operate in 263 locations in more than 100 countries relaying breaking news, covering war and conflict and producing enterprise reports that tell the world's stories.
Location
New York City




Conversation