New York sports betting handle reached more than $500million in one week as a result of March Madness taking over the betting scene this month.
The state is reaping significant benefits from one of the country’s most popular annual sporting events.
For the week ending March 24, the New York State Gaming Commission reported a sports wagering handle of $539.6m. That’s the second-highest weekly handle in the state’s history. The record was set in January 2022, and stands at $572.6m.
The strong showing comes after the first week of March Madness. The three-week-long college basketball tournament featured several New York institutions, with Americans expected to wager roughly $2.7 billion in total according to the American Gaming Association.
Bettors in New York engaged strongly with the event, with the state’s nine operators reporting a combined hold of 5.8% for the same week. This generated $31.2m in gross gaming revenue, and saw the lowest hold since 1.1% for the week ending February 11.
During that week, Super Bowl LVIII saw sports bettors also wager huge amounts.
FanDuel Top For New York Sports Betting Handle
Owned by Flutter Entertainment, FanDuel closed the week ending March 24 with $244.8m in handle, the highest of any operator in the state.
The company’s weekly handle record sits at $274.7m, set in October 2023, with the second-highest week being $262.3m in November.
Meanwhile, DraftKings hit $174.3m in handle for the same week, a 17.8% increase on the previous week. In that period, the operator generated $10.3m in revenue with a hold of less than 6%. A week earlier, revenue was $11.3m.
In third place was Caesars Sportsbook. It had a $48.1m handle for the week ending March 24, generating $2.9m in revenue.
Fanatics Sportsbook was next, having made its New York Debut on Feb. 29. It posted $1.2m in revenue from $18.4m handle. The operator has taken over from PointsBet, and has already been growing steadily.
Comparatively, PointsBet’s handle for the week ending March 26, 2023 was $5.3m, generating $543,429 in revenue.
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