NCAA Tournament Could Help DraftKings and FanDuel Put New Jersey Over $1 Billion in Sports Bets
New Jersey remains the sports betting capital of the country. It took in almost $743 million in wagers in February, a 244% increase over the year-ago figure and well ahead of second-place Nevada's $544 million.
But March could be even bigger because the National Collegiate Athletic Association's March Madness basketball tournaments are under way. Because only football surpasses basketball in the number of bets placed in New Jersey, both FanDuel (owned by Flutter Entertainment (OTC: PDYPF)) and DraftKings (NASDAQ: DKNG) -- the two biggest sportsbooks in the state -- could reap a windfall as New Jersey potentially becomes the first state to ever lodge $1 billion in sports wagers in a single month.
Source Fool.com
