Bettors were biting in the Big Apple last month, as New York’s mobile sportsbooks took nearly $1.64 billion in wagers amid one of the biggest gambling events of the year — March Madness.
The $1,638,266,833 in handle for Empire State online sportsbooks in March was up more than $100 million from February, but about $31 million short of the state’s record-breaking January, which was the first month of legal online sports betting in New York.
March saw New York’s mobile sportsbooks generate $114,282,056 in gross gaming revenue (GGR) as well, according to official figures released by the New York State Gaming Commission (NYSGC). The revenue produced over $58 million in tax dollars that will mostly go towards the state’s education fund.
Weekly numbers dip despite big month
But online sports betting in New York remained on the decline for the second straight week, with the state bringing in $312,130,076 in wagering handle between March 28 and April 3, the latest weekly figures show.
Although nearly a third of a billion dollars is nothing to sneeze at, it's the second-lowest weekly total since the launch of legal online sports betting in the state. However, while the total handle was down from the week ending March 27, GGR was actually up over $1 million, with $15,181,675 in revenue for the seven-day period ending April 3, according to the gaming commission’s figures.
The mobile hold for the latest reported week was also around 4.9%, which was up from the 4.2% win rate for online bookmakers that was reported for the previous week.
Down since the Madness began
Handle for the week ending April 3 dipped around $15 million compared to the week prior, but was down over $100 million in comparison to the month’s monster week of March 14 to March 20, which lined up with the opening weekend of March Madness.
The decline isn’t all that surprising, considering a sharp drop-off in available college hoops games to bet on, as well as the initial novelty of legalized mobile wagering perhaps wearing off to some degree.
There should be brighter days ahead with Major League Baseball teams back on the diamond for regular-season games as of April 7, and NBA playoffs ramping up on April 16.
How operators fared
FanDuel remained steady (up just over $2 million from its previous week) and continued to rake in the largest share of the state’s handle among operators. To date, FanDuel is approaching the $2-billion mark for total handle and has established itself as the leading mobile sportsbook operator in the state in terms of wagering.
However, it was DraftKings that fared the best when it came to GGR for March 28 to April 3, bringing in close to $5.4 million. FanDuel took in just over $3.8 million.
Caesars rounded out the top three with nearly $49 million handle and $4.2 million GGR, respectively.
New York mobile sports betting (March 28 – April 3):
|Sportsbook operator||Handle||Gross gaming revenue|
|Resorts World Bet||$844,324||$90,715|
NY still flush despite recent drop-off
While wagering has settled down in New York in the last couple of weeks, the Empire State is still bringing in a healthy amount of tax revenue thanks to the 51% tax rate on sports betting, one of the highest in the U.S.
Since the legal launch of online sports betting on January 8, New York mobile wagering operators have had a cumulative wagering handle of nearly $5 billion and GGR of more than $329.7 million.
The lofty numbers have produced a windfall of more than $168 million in taxes, 98% of which will go to the state’s education fund.