Sports betting sites generated a record amount of revenue in the Empire State during March, helped in no small part by the college basketball-related madness during the month.
Numbers reported recently by the New York State Gaming Commission show nearly $1.79 billion in mobile sports wagering in March, up from about $1.47 billion in February and $1.64 billion in March 2022. The monthly handle for March fell just short of breaking the all-time record for New York sports betting, which was set in January.
However, on the revenue side, bookmakers did better than ever. According to the gaming commission, there was $162.8 million in gross gaming revenue generated by online sportsbooks last month, up from $108.3 million in February and $114.3 million in March 2022. Last month’s receipts were also more than any other month since New York launched mobile wagering in January 2022.
Big month, middling week
The gross revenue earned by online sportsbooks in New York last month translated into a 9.1% hold for operators. That topped the 7.4% win rate reported for February.
FanDuel was the leader in handle among operators in March. The New York-based bookmaker reported mobile sports wagering of $740.1 million last month, as well as $79.6 million in revenue. DraftKings placed second in March by handle, registering $589.8 million in mobile wagering and $52 million in gross revenue. Caesars Sportsbook finished third with $237.5 million in handle and $15.2 million in revenue.
The New York State Gaming Commission also reported on Friday that there was $343.3 million in online sports betting during the week ended April 9, slightly up from the $339.9 million booked for the week before. Gross gaming revenue by online sportsbooks was almost $12 million last week, good for a hold of just 3.5%.
