March Madness helped deliver the second-highest online sports betting monthly handle in New York history, but operators were unable to capitalize as a lack of NCAA tournament upsets led to a solid stand by bettors.
Key Takeaways
- Bettors held up and held operators to a tie for their second-lowest hold ever in the Empire State.
- The NFL playoffs, Super Bowl, and NCAA tournaments helped big-event New York generate $6.9 billion in bets during the last three months.
- DraftKings took in $912.1 million, its largest handle in New York since online wagering launched in January 2022.
The New York Gaming Commission reported a March handle of $2.44 billion, just 1.6% less than the $2.8 billion record set in January. The amount wagered during college basketball’s highly bet postseason events increased by 23.8% year-over-year.
The nine online New York sports betting operators hauled in $161.8 million, down 3% from March 2024 and the second lowest produced since September 2024. Sportsbooks’ March hold of 6.6% tied Deceber 2024 as the second-lowest win rate New York’s generated since online wagering launched in January 2022.
The 51% tax rate on operators led to $82.5 million going to the Empire State, putting the year-to-date total over $325 million.
Big-event state
March completed a series of huge months for New York online sports betting that started last NFL season. The handle surpassed $2 billion for the sixth time in the last seven months. Before that stretch, the U.S.’s most lucrative sports betting market had only reached $2 billion four times.
February was the only month since September 2024 that the amount wagered didn’t reach that level. However, an operator-friendly Super Bowl still helped sportsbooks generate $184.8 million. Combined with January’s NFL playoffs and March Madness, New York operators have accepted $6.9 billion in bets and generated $594.3 million in revenue.
DraftKings sets new handle mark
| Online Operator | March Handle | Revenue |
|---|---|---|
| DraftKings | $912.1 million | $62.6 million |
| FanDuel | $862.1 million | $59.4 million |
| Fanatics Sportsbook | $207.4 million | $12.9 million |
| BetMGM | $169.2 million | $11 million |
| Caesars | $162.1 million | $8.5 million |
| BetRivers | $51.8 million | $3.8 million |
No online operator ended March with a double-digit hold, and only two were above 7%.
DraftKings generated a $912.1-million handle during March, the largest ever in New York for the online sportsbook. FanDuel came in second with $862.1 million in wagers. The two rivals were separated by $3.2 million in gross revenue.
FanDuel’s $59.4 million, however, was down $33.1 million from February’s impressive haul, while DraftKings saw an $11 million month-over-month rise to $62.6 million.
Fanatics Sportsbook finished third in handle at $207.4 million, the highest for the operator since it launched in February 2024. BetMGM generated $169.2 million and joined Fanatics as the only two other operators to surpass $10 million in gross revenue during March.
Caesars rounded out the top five with a $162.1-million handle, while BetRivers finished at $51.8 million. ESPN BET suffered a 27% month-over-month wagering decrease, but with the only hold to reach 8%, the operator made $3.8 million.
More to come
Don’t expect New York action to take a major step back in April. The Empire State recorded a $562.5-million handle during the week ending April 6. That doesn’t include the NCAA men’s championship game between Florida and Houston that was played on Monday night.
New York operators have generated at least $500 million in wagers in each of the last six weeks. The NBA and NHL playoffs start this month, MLB is in full swing, and the NFL draft is scheduled for late April to keep the big handles coming.
