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Pennsylvania and New Jersey saw a big sports betting handle increase during March Madness

College basketball bettors didn't have a great March, and Pennsylvania and New Jersey sportsbooks profited.

Jalen Pickett of Penn State reacts during the first half of a win against Texas A&M in the first round of the NCAA Men's Basketball Tournament at Wells Fargo Arena on March 16, 2023 in Des Moines, Iowa. (Photo by Michael Reaves/Getty Images)
Jalen Pickett of Penn State reacts during the first half of a win against Texas A&M in the first round of the NCAA Men's Basketball Tournament at Wells Fargo Arena on March 16, 2023 in Des Moines, Iowa. (Photo by Michael Reaves/Getty Images)Read moreMichael Reaves / Getty Images
    by Jeff Neiburg, Action Network
    Published 

No Big 5 team, no problem.

Pennsylvania’s sports betting handle in March was $723.5 million, up almost 21% from February and up 1.2% year-over-year from March 2022, when Villanova was on a run to the Final Four.

Similarly, New Jersey, which had both Princeton and Fairleigh Dickinson pull off a few improbable wins, had a big increase from February to March. The Garden State pulled in $1.03 billion in sports wagers in March.

Despite no Philadelphia presence, Pennsylvania did, however, have multiple men’s tournament winners in Penn State and Pittsburgh.

Taxable sports betting revenue across Pennsylvania sportsbooks for March was more than $50 million, resulting in $15.5 million in state tax revenue.

New Jersey, meanwhile, pulled in nearly $12 million.

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Mobile betting remains king

No surprise here: wagering in person remains rare.

More than 92% of Pennsylvania bets were placed online. In New Jersey, 95% of the bets were placed online.

» READ MORE: Full sports betting coverage from The Philadelphia Inquirer

Pennsylvania casino/sportsbook handle March 2023

FanDuel and DraftKings continue to dominate the market, and their casino partners are benefitting. Here’s the handle breakdown for March:

  1. Valley Forge Casino Resort (FanDuel): $280.7 million handle; $30.3 million revenue

  2. Hollywood Casino at The Meadows (DraftKings): $187.9 million handle; $15 million revenue

  3. Hollywood Casino Morgantown (BetMGM): $56.4 million handle; $6.3 million revenue

  4. Harrah’s Philadelphia (Caesars): $40.4 million handle; $1.9 million revenue

  5. Hollywood Casino at Penn National (Barstool): $37 million handle; $2.9 million revenue

Upsets mean more profit for sportsbooks

Bettors like favorites, and if you watched any of this 2023 men’s NCAA Tournament, it wasn’t a great year for favorites.

Pennsylvania’s hold — the percentage of money that sportsbooks keep for every dollar wagered — was 9.1%, up from 6.8% in March 2022.

New Jersey’s hold last month was also 9.1%, up from 5.9% in March 2022.

» READ MORE: The best NBA sports betting sites

Women’s tournament sees an uptick

The most-watched NCAA women’s basketball tournament naturally saw an increase in betting interest.

BetMGM said it saw a 30% increase in handle for women’s games compared to last year’s tournament.

The Inquirer is not an online gambling operator, or a gambling site. We provide this information about sports betting for entertainment purposes only.