New York’s March Madness Sports Betting Begins to Taper Off
Numbers reported recently by the New York State Gaming Commission show there was $362.7 million wagered via mobile sportsbooks during the week ended March 26, a sharp fall from the nearly $460 million handled the week before.
March-related madness is beginning to subside at sports betting sites in the Empire State.
Numbers reported recently by the New York State Gaming Commission show there was $362.7 million wagered via mobile sportsbooks during the week ended March 26, a sharp fall from the nearly $460 million handled the week before.
But gross revenue generated by nine online bookmakers providing New York sports betting hit $43.8 million last week, up from $39.2 million the prior week and good for a hold of about 12.1%. The win rate for operators for the week ended March 19 had been 8.5%.
Roundball reduction
Still, the reduction in overall wagering was likely due to the shrinking number of college basketball games on the schedule. There is even fewer this week as March Madness nears its end.
FanDuel was leading the pack again last week, as the New York-based operator racked up $155.7 million in handle and $24.5 million in revenue in the Empire State during the week ended March 26.
DraftKings placed second in the standings with $116.3 million in mobile handle and $12.2 million in gross revenue. Caesars Sportsbook grabbed the last spot on the podium by taking $46.1 million in bets and turning it into $3.8 million in revenue.
Geoff has been writing about the legalization and regulation of sports betting in Canada and the United States for more than three years. His work has included coverage of launches in New York, Ohio, and Ontario, numerous court proceedings, and the decriminalization of single-game wagering by Canadian lawmakers. As an expert on the growing online gambling industry in North America, Geoff has appeared on and been cited by publications and networks such as Axios, TSN Radio, and VSiN. Prior to joining Covers, he spent 10 years as a journalist reporting on business and politics, including a stint at the Ontario legislature. More recently, Geoff¡¯s work has focused on the pending launch of a competitive iGaming market in Alberta, the evolution of major companies within the gambling industry, and efforts by U.S. state regulators to rein in offshore activity and college player prop betting.
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