March Madness bets 3 times higher than Super Bowl bets in New Jersey

Posted: Updated:
SECAUCUS -

(AP) - Gaming officials say more than $106 million was bet on the national college basketball tournament in New Jersey last month - three times the amount bet on the Super Bowl.

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

Those bets made $10.8 million in revenue for sportsbook operators in New Jersey, which include most Atlantic City casinos and two racetracks, the Meadowlands and Monmouth Park.

March Madness bets accounted for nearly a third of the $372 million wagered on all sporting events in New Jersey in March.

The hold percentage, or profit, for the sportsbooks was 10.2 percent.

Of the $106 million wagered on the tournament, more than $80 million was bet online.

(Copyright 2019 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.)

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