Monthly update

New York online sports betting handle reaches $1.64B in March, just short of a new national record

2022-04-12
Reading time 1:46 min

Online sportsbooks operating in New York posted $1.64 billion in wagers in March, falling just short of breaking the state -and national- record of $1.67 billion, delivered in January. Still, the month proved to be yet another highly profitable one for the Empire State, up 7.2% from the $1.53 billion wagered in February, according to data from the New York State Gaming Commission.

Betting in March was driven by the first month of legal mobile wagering on the NCAA Tournament in the state’s history. Online sportsbooks handled an average of $52.8 million in bets per day during the month, slightly down from $54.6 million in daily bets posted in February.

"Football is still king among bettors, but March is typically the busiest non-NFL month of the year," said Mike Mazzeo, lead analyst for PlayNY.com. "March's handle falling so close to January's record is a sign that bettors remain highly engaged during major events, even though wagering expectedly slowed after the first weekend of the NCAA Tournament."

In terms of Gross Gaming Revenue, March proved to be a more profitable month ($114.3 million) than February, in which sportsbooks posted $82.4 million in GGR. However, it was slightly down from the $124.1 million delivered in January. Operators also delivered $58.3 million in net revenue to education last month.

Through the market’s first three months of life, handle has thus far amounted to $4,8 billion: only New Jersey, Nevada, Illinois and Pennsylvania generated more in bets in all of 2021. Additionally, combined revenue has reached $320.8 million, and online sportsbooks have generated $163.6 million in net revenue for education, a national record for annual tax revenue.

"A seasonal slowdown will hit sportsbooks over the next few months, but it is hard to imagine a stronger launch," said Eric Ramsey, an analyst for the PlayUSA.com Network, which includes PlayNY.com. "The NBA playoffs, baseball, and major golf tournaments will keep bettors interested, but we'll have to wait until football season for similarly eye-popping numbers. Regardless, the state has clearly been the biggest winner so far."

FanDuel placed first among all online sportsbooks, leading with $673.1 million in handle and gross revenue of $58.3 million. DraftKings followed with $414.5 million in wagers and a $22.9 million win; while Caesars delivered $273.4 million in wagers and $21.6 million in GGR.

“FanDuel’s start has been remarkable, producing more revenue in March than most states’ entire sports betting industries will,” Ramsey added. “In just three months, FanDuel has solidified its position as the market leader and it will be a significant challenge for its rivals to eat into that early lead.”

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