The first weekend of March Madness action for New York sports betting mobile operators proved to be a big boost on the total handle side.
With the release of official figures by the New York State Gaming Commission (NYSGC) on Monday for eight live New York mobile sports betting providers, here are three takeaways for the week ending March 20:
Total Handle Fifth Highest Since Launch, GGR Down
Bettors in New York boosted handle numbers in the state for the first weekend of the NCAA Men’s College Basketball Tournament, March 17-20.
For the week, New Yorkers wagered more than $427.97 million, an increase of more than $21.53 million from the week before and posted the fifth-highest total handle in the state since mobile sports betting was launched on Jan. 8. It was the highest numbers since the week ending Feb. 13, Super Bowl Sunday.
Total Gross Gaming Revenue (GGR) posted at $26.05 million, a $10.82 million decrease from the previous week.
All New York online sports wagering operators since the launch of mobile sports betting on Jan. 8 have had a cumulative handle of $4.35 billion and a GGR of a tad more than $300.6 million. New York, with its 51% tax rate (tied for nation’s highest with New Hampshire), has collected more than $153.3 million in taxes.
NY MOBILE SPORTS BETTING, MARCH 14-20
Top 3: FanDuel, DraftKings, Caesars
FanDuel New York was No. 1 again as it posted its third-largest number since launch ($167.95 million). However, FanDuel was down $5.09 million from the week before ($173.05 million). It had a weekly GGR of $14.66 million. FanDuel is dominating the New York market with a cumulative handle of $1.56 billion, revenue of $100.48 million and taxes paid of $51.24 million.
DraftKings New York finished second for the week with $110.84 million in handle. That was it third largest to date. It also was an increase of $7.75 million from the week before. It had its lowest GGR since launch at $3.31 million. So far, DraftKings has handled $1.06 billion in total handle, $77.24 million in GGR and $39.39 million in taxes paid.
Caesars Sportsbook New York was third in handle ($67.76 million), a slight increase from $66.86 million for the week ending March 13. Its weekly GGR of $4.35 million marked a decrease of $3.26 million from the week before ($7.61 million).
Caesars now is the third provider to handle more than $1 billion. It has generated a total GGR of $96.12 million and $49.02 million in taxes paid.
CUMULATIVE TOTALS, JAN. 8-MARCH 20
Numbers Prove New Yorkers Love College Basketball
After a month of “nothing to brag about” handle numbers, New Yorkers showed an affinity and a passion for March Madness betting, the second-largest sports betting event in the nation. This was the first time mobile wagering was legal in the Empire State for March Madness.
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It will be interesting to see if the March Madness numbers remain steady or show an increase over the next couple of weeks with the Sweet 16 and Elite Eight completed and the Final Four and national championship up next on Saturday and next Monday. The Final Four has prominent teams in its Saturday matchups: Kansas-Villanova and Duke-North Carolina.
Overall tournament numbers should be excellent as the state heads into the opening of Major League Baseball’s regular season on April 7, along with the following weekend’s first major golf tournament of the year, The Masters.