Thanks to the NCAA tournament, New York saw near-record levels of bets flying in the month of March. NY sports betting revenue hit new records as March Madness unfolded for the second year of sports wagering in the state.
Last month, New York sports bettors wagered over $1.785 billion across top New York sports betting apps. That’s just shy of the Empire State’s single-month record of $1.788 billion, which was set in January 2023.
While March’s total handle came in second, the total revenue was the best single-month record in New York sports betting history, with $162.8 million in sports betting revenue and over $83 million in tax revenue.
During last year’s March Madness tournament, sports betting wasn’t even a full three months old in New York. The tournament still brought in plenty of wagers with a handle of $1.638 billion, 0r $147 million less than this year’s tally.
More March Madness Records in New York
The first March Madness bets started flowing the week of March 12 after Selection Sunday. That week, the NY mobile sports wagering handle topped $442 million, a 25% increase over the final week in February.
In fact, the first two weeks of March Madness – which saw over $442 million and $459 million – each exceeded the week of the Super Bowl, which saw a total handle of $424 million.
In all, NY sports betting revenue topped $150 million for the four weeks of March Madness, compared to $92 million over the same weeks last year.
Of course, New York wasn’t just home to record betting. The state hosted several games of the men’s NCAA tournament. In the first two rounds, Albany hosted No. 5 Miami and No. 4 and future championship winners UConn at the MVP Arena. Then, Madison Square Garden hosted some of the most exciting Sweet 16 and Elite 8 games.
Which Sportsbooks Came Out on Top in March 2023?
FanDuel NY has been a leader in the state since it officially launched early in 2022. With over $740 million in handle in March 2023, FanDuel kept its record-setting pattern. FanDuel has notched the top five biggest months in terms of sports betting handle in New York.
DraftKings is another of the leading sportsbooks in NY. They claimed the second-largest total in March 2023 with $590 million in handle.
Here’s a breakdown of the top NY sportsbooks and their performance in March 2023, broken down by handle and gross gaming revenue (GGR).
- FanDuel NY: $740,102,727 Handle | $79,633,216 GGR
- DraftKings NY: $589,797,681 Handle | $52,017,767 GGR
- Caesars NY: $237,481,595 Handle | $15,190,414 GGR
- BetMGM NY: $121,231,984 Handle | $9,596,989 GGR
- BetRivers NY: $49,878,528 Handle | $3,580,406 GGR
NY Sports Betting Revenue Isn’t Slowing Down in Its Second Year
New York had a record-breaking banner year in its first year of legal sports betting in 2022. Many were concerned the state couldn’t keep up the pace in a second year.
Looks like they were wrong.
In the first three months of legal sports betting, New York saw a handle of over $4.835 billion and gaming revenue of over $320 million. The tax revenue swelled to over $163.6 million.
In the first three months of 2023, New York sportsbooks crushed with a wagering handle of over $5 billion and gaming revenue of over $420 million. That translates to a total of $214.5 million in tax revenue to go to education in the state.
In other words, New York is handily beating its own sports betting revenue records year over year. The total handle for 2022 came out to over $16 billion with over $1.3 billion in revenue.
What Does the Future Hold for NY Sports Betting?
What could 2023 hold? A lot more cash flowing in the state.
In just the next couple of months, New York’s two NBA teams, the NY Knicks and the Brooklyn Nets, will appear in the NBA playoffs. Meanwhile, the New York Rangers, New York Islanders, and Buffalo Sabres are aiming to make the NHL playoffs.
New York teams should show out in the NFL this year, too. Rumors of Aaron Rodgers joining the Jets have odds surging, while Josh Allen and the Buffalo Bills are going for another shot at the Super Bowl, and the NY Giants are looking better than they have in years.
In short, look forward to a lot more sports betting windfalls and records for the state of New York in 2023.
Photo by: Michael Caterina/AP Photo
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