New York’s mobile sports betting market continues to set records as March’s revenue figures showed that the Empire State earned $163m in GGR.
That total eclipses the previous record of $149m, which was set in January and represents the sixth time in seven months that GGR has topped $140m in New York State. It only lags behind Ohio’s record-setting revenue figure of $208m set in its opening month in January for all-time highs in US history.
Data from the New York Gaming Commission revealed that New York sports betting operators handled $1.78bn in bets during March, with the NCAA March Madness tournament proving popular amongst punters.
This figure represents a 9% increase on March 2022 but falls slightly short of the all-time record month for handle, which was January 2023, when handle stood at $1.78bn.
The hold rate for operators during March was 9.1%, meaning that, whilst revenue only improved 9% YoY, revenue surged by over 40% on this time one year ago.
FanDuel remains king in New York
Breaking down the handle and revenue by operator, FanDuel reasserted its dominance in New York, handling a record $740.1m during March. This means FanDuel accounted for almost half of all handle recorded. The Flutter brand was followed by DraftKings, which handled $589.8m throughout the month.
Here is a look at the operator’s handle for last month:
Caesars Sportsbook: $237.5m
BetMGM: $121.2m
BetRivers: $49.9m
PointsBet Sportsbook: $28.9m
WynnBet: $10.4m
Resort World: $5.1m
Bally Bet: $3.0m
In terms of revenue, the ranking of operators remains the exact same, with FanDuel raking in $79.6m during March, just shy of its record-setting month in January when it took $81.8m. DraftKings took $52.0m in revenue, which marks a record-setting month for the Boston-based brand, significantly higher than its previous record set in December 2022 ($44.7m).
The rest of the operator’s GGR looks like this:
Caesars Sportsbook: $15.2m
BetMGM: $9.6m
BetRivers: $43.6m
PointsBet Sportsbook: $1.6m
WynnBet: $640k
Resort World: $340k
Bally Bet: $208k
With a record-setting month for revenue comes a new record for tax contributions too. With New York’s notorious 51% tax rate, operators paid out $83.0m to the state to support education across the Empire State.
