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.
| Handle | Revenue | Hold | Taxes | |
|---|---|---|---|---|
| FanDuel | $167,953,379 | $14,665,422 | 8.7% | $7,479,365 |
| DraftKings | $110,841,556 | $3,311,251 | 3.0% | $1,688,738 |
| Caesars | $67,758,590 | $4,352,538 | 6.4% | $2,219,794 |
| BetMGM | $43,007,730 | $1,589,234 | 3.7% | $810,509 |
| PointsBet | $23,970,604 | $1,100,430 | 4.6% | $561,219 |
| BetRivers | $10,950,091 | $718,167 | 6.6% | $366,265 |
| WynnBET | $2,249,686 | $223,775 | 9.9% | $114,125 |
| Resorts | $1,240,084 | $95,942 | 7.7% | $48,930 |
| Total | $427,971,720 | $26,056,759 | 6.1% | $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.
| Handle | Revenue | Hold | Taxes | |
|---|---|---|---|---|
| FanDuel | $466,058,282 | $46,344,384 | 9.9% | $23,635,636 |
| DraftKings | $305,639,753 | $12,716,647 | 4.2% | $6,485,490 |
| Caesars | $193,491,868 | $14,084,756 | 7.3% | $7,183,226 |
| BetMGM | $120,557,233 | $4,351,594 | 3.6% | $2,219,313 |
| PointsBet | $53,467,326 | $2,941,675 | 5.5% | $1,500,254 |
| BetRivers | $29,766,161 | $1,862,952 | 6.3% | $950,106 |
| WynnBET | $6,585,571 | $677,651 | 10.3% | $345,602 |
| Resorts | $3,222,277 | $284,886 | 8.8% | $145,292 |
| Total | $1,178,788,471 | $83,264,545 | 7.1% | $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.
