Mobile NY Sports Betting Sees Modest Growth Despite March Madness


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NY sports betting

Mobile NY sports betting handle grew week-over-week at the start of March Madness, but more modestly than in past weeks.

Handle at the eight mobile New York sportsbooks grew 5.3% to $428 million for the week ending March 20. That is compared to the $406.4 million bet in the week ending March 13, when conference tournaments were wrapping up before March Madness betting began.

Operators reported $26.1 million in sports betting revenue with the majority coming from FanDuel. Hold was 6.1% for the week, though that number could be a bit muddied by futures bets.

NY sports betting weekly breakdown

FanDuel led the way taking nearly 40% of money wagered during the week. DraftKings and Caesars Sportsbook ranked second and third, with the three combining for an 80.9% handle share.

HandleRevenueHoldTaxes
FanDuel$167,953,379$14,665,4228.7%$7,479,365
DraftKings$110,841,556$3,311,2513.0%$1,688,738
Caesars$67,758,590$4,352,5386.4%$2,219,794
BetMGM$43,007,730$1,589,2343.7%$810,509
PointsBet$23,970,604$1,100,4304.6%$561,219
BetRivers$10,950,091$718,1676.6%$366,265
WynnBET$2,249,686$223,7759.9%$114,125
Resorts$1,240,084$95,9427.7%$48,930
Total$427,971,720$26,056,7596.1%$13,288,947

FanDuel and Caesars both saw handle share slip a bit, though, and it mostly fell to PointsBet. The Australia-listed operator reported handle share of 5.6% for the week, up from 2.1% the week before.

March results so far

Through 20 days in March, NY sports betting generated $42.5 million in taxes on nearly $1.2 billion bet.

HandleRevenueHoldTaxes
FanDuel$466,058,282$46,344,3849.9%$23,635,636
DraftKings$305,639,753$12,716,6474.2%$6,485,490
Caesars$193,491,868$14,084,7567.3%$7,183,226
BetMGM$120,557,233$4,351,5943.6%$2,219,313
PointsBet$53,467,326$2,941,6755.5%$1,500,254
BetRivers$29,766,161$1,862,9526.3%$950,106
WynnBET$6,585,571$677,65110.3%$345,602
Resorts$3,222,277$284,8868.8%$145,292
Total$1,178,788,471$83,264,5457.1%$42,464,918

More than half of those taxes are being paid by FanDuel so far. The operator has a 55.7% revenue share for the month. There is a nearly 40 percentage point gap between FanDuel and second-place Caesars’ 16.9% revenue share.

March could wind up topping the record $1.686 billion handle set in 23 days in January. There are still 11 days to report with average daily handle at $58.9 million so far this month.

Market not waiting for new books

While PointsBet showed it is possible to grab some market share as a newer operator, bettors are not waiting around for the final brand to launch.

Bally’s decided to hold off until at least April for a New York launch considering it is still building out its Bally Bet 2.0 platform.

So far in March, the three smallest brands – BetRivers, WynnBET and Resorts World Bet – account for 3.4% of handle share and 3.3% of revenue.



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