The first week of March Madness delivered all the classic victories and busted brackets, but one clear winner was New York’s sportsbooks.
And the tournament isn’t even over yet.
Breaking Down The Key Statistics
According to numbers released weekly by the New York State Gaming Commission, New York saw $427,971,720 wagered through mobile sports betting in the first week of the NCAA Tournament.
That’s a 22% jump from the final week in February.
Compared to Super Bowl week, the total handle was about 10% lower for the tournament’s opening days, but the gross gaming revenue — what the sportsbooks kept after payouts — was significantly higher for March Madness.
That translates to higher tax revenue for the state.
Tax revenue for the week ending on March 20th will be around $13.3 million, while the week ending in the Super Bowl was $7.9 million.
Sportsbooks typically slump in February. The Super Bowl is a massive week for sports betting, but it’s the only significant sporting event of the month, leaving the other weeks a little dry.
Compare that to the NCAA Tournament, which is comprised of 67 games over three weeks — leading to endless prop bets and parlays.
This year, March Madness came out roaring, but the first week of wagering didn’t top the week of the Super Bowl. The total handle for Super Bowl week was $472,136,168, about 10% higher than the first four days of the tournament.
But March Madness is still going, with the most significant wagering likely ahead in the Final Four and the national championship game.
And the revenue for March Madness is higher already. New York’s sportsbooks pulled in a whopping $26 million in revenue on the first four days of the tournament, compared to a relatively paltry $15.4 million for Super Bowl week.
March Madness bonus: BetMGM New York Bonus Code Nets $1,000 Risk-Free Bet
Which Sportsbooks Came Out On Top?
Here’s a breakdown of the total handle and gross gaming revenue (GGR) for the major sportsbooks in New York during the week ending on March 20th.