New York’s online sports betting market continues to make headlines as it reports impressive figures for the month of March. The New York State Gaming Commission recently revealed that the state’s online sports betting handle reached $1.76 billion, marking a 9% year-on-year increase and coming just over $3 million short of the state’s single-month record set in January at $1.79 billion. This surge in activity was driven by the excitement of March Madness, the NCAA Tournament, resulting in record gross gaming revenue and significant state tax revenue.
Record-Breaking Figures for March:
The New York State Gaming Commission’s data for March showcases the remarkable growth of the online sports betting market. Gross gaming revenue for the month reached an astounding $162.8 million, highlighting the substantial financial impact of sports betting on the state’s economy. Additionally, over $83 million in state tax revenue was generated during this period, further underlining the significance of the industry’s success.
Dominance of FanDuel:
Among the various sportsbooks operating in New York, FanDuel stood out as the most popular choice for bettors. FanDuel reported an impressive $740.1 million in bets and a substantial $79.6 million in revenue for March. The brand’s strong performance solidified its position as a leading player in the competitive online sports betting landscape.
Notable Competitors:
DraftKings secured the second spot in terms of popularity, with $589.7 million in bets and $52 million in revenue. Caesars Sportsbook, another prominent player, recorded $237.4 million in bets and $15.1 million in revenue. BetMGM followed closely with $9.5 million in revenue from $121.2 million in wagers. Other notable sportsbooks included BetRivers, PointsBet, Wynn Bet, Resorts WorldBet, and BallyBet, each contributing to the thriving market.
Year-to-Date Performance:
Looking at the broader perspective, the first three months of 2023 have proven to be exceptionally strong for New York’s sports betting industry. The total wagering handle exceeded an impressive $5 billion, while gaming revenue soared past $420 million. These figures translate to a substantial $214.5 million in tax revenue for the state.
New York’s online sports betting market continues to break records and exceed expectations, with March standing out as a particularly lucrative month. The robust performance of top sportsbooks like FanDuel and DraftKings, combined with the allure of major sporting events such as March Madness, has driven substantial revenue and tax income for the state. As the online sports betting industry in New York continues to thrive, it remains a focal point of attention in the ever-evolving landscape of sports wagering in the United States.