Mobile NY Sports Betting Sees Modest Growth Despite March Madness

Written By Matthew Waters on March 28, 2022
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.

Matthew Waters Avatar
Written by
Matthew Waters

Matthew Waters is a reporter covering legal sports betting and the gambling industry. Previous stops include Fantini Research and various freelance jobs covering professional and amateur sports in Delaware and the Philadelphia area.

View all posts by Matthew Waters
Privacy Policy
[class^="wpforms-"]
[class^="wpforms-"]