NY Mobile Sportsbooks See $428M for First Week of NCAA Tournament

March 29, 2022

Posted in: New York Gambling News, US Sports Betting News

New York online sports betting operators have reported nearly $428 million in handle for the first week of the NCAA Tournament (March 14-20). The March Madness-filled week represented a 5.3% up compared to $406.4 million wagered in the week ending March 13, when conference tournaments ended.

FanDuel led the market with 38% of the total share. There are currently eight mobile operators in the Empire State.

The state’s digital operators had combined for $472.1 million the week of the Super Bowl (Feb. 7-13).

With these numbers, the Empire State has now crossed $1 billion in mobile sports betting handle in each of its first three months in operation.

Legalized online betting went live in January on Jan. 8, making New York the largest state with a mobile option. The state has imposed a 51% tax on gambling revenue. The national average is from 5-15% rate.

FanDuel, DraftKings, Caesars, and Rush Street Interactive were the first four operators greenlighted by the New York State Gaming Commission to offer online operations.

NY State Generated Over $153M in Taxes

NY operators generated $26.1 million in sports betting revenue, with the lion’s share coming from FanDuel. Hold was 6.1% for the week.

Since the launch on Jan. 8, New York online sports betting handle has reached $4.35 billion, with 11 days remaining in March. The state authorities have generated $153.3 million off $300.6 million in total gross gaming revenue (GGR).

Each of the first two months boasted over $1.5 billion in the handle, and March is expected to post an even higher handle. March includes NCCA Basketball Tournament or March Madness – the biggest sporting event in the US in a calendar year.

Jan.2022: $1.67 billion
Feb. 2022: $1.53 billion
March. 2022: $1.15 billion (with 11 days remaining)

FanDuel Leads NY NCCA Handle So Far

FanDuel NY has led the NCCA handle with $168 million in wagers during the week of March 14-20. DraftKings has handled $110.8 million during that period.

Both major operators have alternatively been in no 1 and 2 positions for the last two months. Over that period, the New York-based FanDuel has led the market share with 38.7%, while DraftKings has claimed 25.5%. Caesars has attracted 19.3%, and BetMGM has 10.1% of the total market share.

These four operators have practically hijacked the NY online sports betting market with a combined share of 93.6%.

All-Eight NY Online Apps Performance During the Week

FanDuel posted $167.9 million in handle, generating $14.6 million in GGR.
DraftKings, which handled $110.8 million, generated $3.3 million in GGR.
BetMGM saw $43 million of the handle to generate $1.58 million in GGR.
Caesars attracted $67.7 million in bets to generate $4.35 million in GGR.
PointsBet took in $23.9 million in wagers to generate $1.1 million in revenue.
BetRivers saw $10.9 million during the week ending March 20, to generate $718,167.
WynnBET was the eighth operator that drew $2.24 million in handle, and generated $223,775.

Colgate was the only local team to qualify for the Big Dance. However, New York bettors can not bet on NY college teams due to state law.