NY Betting Operators Post Uptick in Handle Fueled by March Madness

January 8, 2022, marked a monumental date for betting enthusiasts and sports fans alike in New York. This was the date when the state officially launched its online sports betting market, paving the way for the exponential expansion of the activity across The Empire State. Since the launch of mobile betting, more than two years have passed and during that time the betting market surpassed a number of records set in other US states that have offered wagering for years.

In January 2022, New York set its highest weekly betting handle record. At the time, for the week that ended January 22, 2022, bettors in the state wagered the mind-blowing $573 million. Now, a recent result came really close to this record. According to data from the gambling regulator in the state, the New York State Gaming Commission, the betting handle for the week ended March 24, 2024, hit $539.6 million.

While this was the second-highest weekly result since the launch of mobile betting, it also represented the best weekly result since the start of the fiscal year. Since the start of last month, the weekly mobile betting handle has been in the ballpark of $430 million to $450 million with the $539.6 million result marking the best figure for the month.

The result came after one week of March Madness, the famous NCAA Division I Men’s Basketball Tournament which launched on March 19 and will run through April 8. Undoubtedly, the popularity of the event helped propel the results in New York last month. Still, the gambling regulator in the state is yet to reveal details regarding the last week of action or the week through March 31. However, judging by the figures so far, March will be a strong month for betting operators in The Empire State.

FanDuel, DraftKings and Caesars Post the Highest Handle, GGR

The New York State Gaming Commission revealed details regarding the performance of mobile betting operators. Judging by the statistics for the week ended March 24, FanDuel was the unquestionable leader with $244.8 million reported betting handle. This result, translated to nearly $14 million in mobile sports wagering gross gaming revenue (GGR).

DraftKings was the operator with the second-highest GGR and betting handle. For the week ended March 24, 2024, DraftKings posted $174.4 million in betting handle, a result that translated to $10.3 million in GGR.

The betting operator with the third-highest betting handle was Caesars. For the aforementioned period, the company posted $48.2 million in betting handle, bringing $2.9 million in GGR.