Mobile NY sports betting is already approaching $4 billion in handle over 10 weeks of operation.
The $406.4 million bet during the week ending March 13 pushed total handle with mobile NY sportsbooks to $3.927 billion since launch.
That makes New York the eighth-largest US sports betting market in less than three months, falling between the $5.1 billion bet in Michigan and $3.7 billion from Tennessee.
College basketball boosting NY sports betting?
The pop above $400 million likely can be attributed to increased betting on college basketball with conference tournaments starting in earnest at the beginning of March. That trend should continue through the first weekend in April as New Yorkers legally take part in online March Madness betting for the first time.
There is no betting on in-state colleges in New York but there is still a local team that might draw attention in the state: St. Peter’s. The New Jersey-based 15-seed made a surprising run to the Sweet 16 but cannot be bet on in its home state, either.
That means it is New York’s turn to benefit from New Jersey bettors potentially crossing borders to bet on something illegal in their home state.
Caesars slipping from second
Caesars Sportsbook could be close to falling into third place when it comes to handle share since launch:
| Handle | Revenue | Hold | Taxes | |
|---|---|---|---|---|
| FanDuel | $1,388,756,725 | $85,816,632 | 6.2% | $43,766,482 |
| Caesars | $1,075,635,649 | $91,768,218 | 8.5% | $46,801,791 |
| DraftKings | $952,590,307 | $73,928,028 | 7.8% | $37,703,294 |
| BetMGM | $311,894,566 | $10,615,095 | 3.4% | $5,413,698 |
| PointsBet | $96,859,046 | $6,799,835 | 7.0% | $3,467,916 |
| BetRivers | $89,091,785 | $3,939,504 | 4.4% | $2,009,147 |
| WynnBET | $9,565,502 | $1,427,083 | 14.9% | $727,812 |
| Resorts | $2,175,746 | $270,298 | 12.4% | $137,852 |
| Total | $3,926,569,326 | $274,564,693 | 7.0% | $140,027,993 |
The operator launched with the largest promo of the first four sportsbooks. That is a big part of why it is still first in total revenue with a 33.4% share.
DraftKings, however, continues to gain ground on the second-place spot and has 24.3% handle share compared to Caesars’ 27.4%. FanDuel is the most utilized sportsbook so far with 35.4% of handle.
March results for NY sportsbooks so far
Sportsbooks combined for $729.3 million in handle through the first 13 days of March:
| Handle | Revenue | Hold | Taxes | |
|---|---|---|---|---|
| FanDuel | $303,200,607 | $34,559,896 | 11.4% | $17,625,547 |
| DraftKings | $187,038,604 | $14,392,968 | 7.7% | $7,340,414 |
| Caesars | $124,833,935 | $12,994,812 | 10.4% | $6,627,354 |
| BetMGM | $74,992,047 | $3,245,314 | 4.3% | $1,655,110 |
| BetRivers | $18,515,111 | $799,008 | 4.3% | $407,494 |
| PointsBet | $14,082,014 | $1,150,013 | 8.2% | $586,507 |
| WynnBET | $4,443,978 | $621,325 | 14.0% | $316,876 |
| Resorts | $2,175,746 | $270,297 | 12.4% | $137,851 |
| Total | $729,282,042 | $68,033,633 | 9.3% | $34,697,153 |
Hold is above industry average so far at 9.3%. That has led to $68 million in sports betting revenue and $34.7 million so far in taxes for the month.
