New York is reaping the benefit of one of America’s most popular sporting events.
The New York State Gaming Commission reported a $539.6 million online sports wagering handle for the week ending March 24, the second-highest weekly handle in state history. The record stands at $572.6 million for the week ending January 22, 2022.
The Empire State posted the strong results behind the first week of March Madness. The three-week-long tournament, which featured several New York institutions at its start, is projected to see Americans wager approximately $2.7 billion on both the men’s and women’s competitions, according to the American Gaming Association.
New York saw bettors engage heavily with March Madness but the state’s nine operators reported a combined 5.8% hold for the week ending March 24, which generated $31.2 million in gross gaming revenue. The hold was the lowest since 1.1% for the week ending Feb. 11. That week, sports bettors across the Empire State indulged in Super Bowl LVIII.
FanDuel top operator in New York
The Flutter Entertainment-owned brand closed the week ending March 24 with the highest handle at $244.8 million. FanDuel’s weekly handle record is $274.7 million for the week ending October 29, 2023 while its second-highest is $262.3 million for Nov. 19 of that year.
DraftKings finished the week ending March 24 with a $174.3 million handle, a 17.8% week-over-week increase. The operator generated $10.3 million in revenue during the same period behind a less than 6% hold. The week prior, revenue reached to $11.3 million.
Caesars Sportsbook rounded out the top three with a $48.1 million handle for the week ending March 24. Caesars’ results were nearly identical to its handle for the previous week. The operator generated $2.9 million in revenue for the week ending March 24.
Fanatics Sportsbook, which made its New York debut on Feb. 29, posted a $18.4 million handle and $1.2 million in revenue for the week ending March 24. The operator took over PointsBet’s operations in the Empire State and is already driving growth. By comparison, PointsBet reported a $5.3 million handle for the week ending March 26, 2023 and $543,429 in revenue.
