Here are three takeaways from March’s official mobile New York sports betting figures, released Monday by the New York State Gaming Commission (NYSGC), including one category where the state set a record.
March Madness Success at NY Sportsbooks
If there was any doubt that the men’s and women’s NCAA Basketball Tournaments would be a success, that was all ended on Monday when the NYSGC issued the March 2023 sports betting figures.
Total sports betting handle (retail and mobile) for the month totaled more than $1.792 billion, up a solid 21.6% from February ($1.474 billion) and an increase of 9.0% from March 2022 ($1.644 billion).
Mobile wagering alone at New York sports betting apps was more than $1.785 billion, up 21.7% ($318.99M) from February's $1.466 billion and up 9.0% from the same time last year at $1.638 billion.
For the 2022-23 fiscal year (April 2022-March 2023) mobile sports wagering handle was more than $16.398 billion.
NY Mobile Sports Betting, March vs. February
New York Betting Revenue Sets Record
As for revenue, the March total for mobile and retail combined exceeded $163.58 million, a new state record.
That was up a whopping 50.8% from the February New York betting revenue report ($108.47 million). Last month’s figure smashed the old mark of $149.88 million set in January. It also marked an increase of 42.3% from March 2022 ($114.95 million).
The mobile Gross Gaming revenue (GGR) for the month also established a new state record of more than $162.82 million, a solid increase of 50.4% ($54.54M) from February's $108.28 million and up 42.5% from March 2022 ($114.28 million). The record broke the old mark of $149.42 million also set in Jan.
Mobile sports wagering revenue (GGR) for the 2022-23 fiscal year exceeded $1.458 billion.
State tax collected in March: $83,042,066, a $29.98 million increase from $53.05 million in the previous month. New York online sportsbook operators are taxed at 51%, which is tied with New Hampshire for the highest figure in the nation.
Net revenue to the platform provider was more than $79.78 million (new record) and net revenue to education was more than $83.04 million (new record).
What’s in the Future For NY Betting
Now that the two biggest sports betting events of the year are behind us (NFL Playoffs/Super Bowl January-February; March Madness), what can bettors wager on using their New York sportsbook promo codes?
Is the excitement gone? Does the action stop cold turkey?
Major League Baseball’s regular season has started, as has Major League Soccer, and the NBA and NHL playoffs will begin over the next two weeks.
New York sports fans will have plenty of postseason excitement to follow, and to bet on, in the next several weeks. At BetMGM Sportsbook New York, the Knicks have +10000 odds and the Nets are at +50000 to capture the NBA championship. The Rangers are +1200 to win the Stanley Cup while the Islanders, still fighting to clinch a playoff berth with two games left in the regular season, are at +6600.
Throw in the USFL regular season starting on Saturday, the Kentucky Derby the first Saturday in May, along with several golf and tennis tournaments over the next few months, and it’s clear that opportunities will be out there.
Traditionally, this is the start of slow season in sports wagering as bettors look to bide their time until the NFL preseason and college football’s regular season both start in August.