Could March Madness take New York sports betting to new heights?
Early indications lean in that direction.
New York sports betting apps posted a hefty handle of more than $410.7 million for the week ending March 5. That is a 16% increase from last week’s total of more than $353.8 million.
The weekly figures were released Thursday afternoon by the New York State Gaming Commission (NYSGC).
A year ago, powered by the NCAA Men’s Basketball Tournament, New York’s March handle was $1.638 billion. That is the third-highest month since New York mobile betting launched in January of 2022.
The monthly record was set in January of this year ($1.79 billion). The February total will be released in the next few days.
This week’s handle number could mean a new record or at least a March that surpasses last year. This week notched $410.7 million. The same week last year was only $359.5 million.
And the games — the big games — have not yet begun.
Breakdown of Revenue, Sportsbooks
New York had Gross Gaming Revenue (GGR) of more than $25.8 million for the week, down a few million from a week ago ($28.4 million).
The weekly taxes sent to Albany were more than $13.7 million.
The Empire State taxes at 51%, which ties New Hampshire for the highest rate in the nation.
FanDuel NY maintained its firm grip on the No. 1 spot, with a weekly handle of nearly $170 million. Its cumulative handle will surpass $8 billion with next week’s report.
There are nine sportsbooks in the market, and FanDuel accounts for 40.3% percent of the handle.
DraftKings NY followed at No. 2 again, with a handle of more than $137.4 million. When you combine DraftKings’ cumulative handle of $5.72 billion with FanDuel, the top two are raking in a little less than 70% of the market.
EmpireStakes.com reports frequently on state revenue reports. The state also supplies the best NY betting promos.