New York sports betting shatters its previous record with all-time high monthly revenue of $163.6M in March

New York sports betting operators experienced a record-breaking month in March, with the New York State Gaming Commission reporting an all-time high of $163.6 million in adjusted sports wagering gross revenue. This surpasses the previous record of $149.4 million set in January, as the Empire State finally broke the $150 million mark.

The impressive revenue figures were driven by a 9.1% hold in March, with a total handle of $1.79 billion, just shy of the all-time record of $1.8 billion set in January. New York now ranks third nationally in post-PASPA monthly revenue totals, trailing only Ohio, which reported $209 million in revenue during its January launch.

Mobile betting played a significant role in the record-breaking month, with $162.8 million in mobile revenue contributing to a national record for monthly state tax revenue.

New York collected $83.1 million in tax receipts from sports wagering in March, pushing the state’s overall total to over $900 million. The first quarter of 2023 saw $214.6 million in tax receipts, an increase of $50.8 million compared to the same period in 2022.

FanDuel led the pack among the state’s nine mobile operators, setting an all-time handle record of $740.1 million and generating $79.6 million in revenue with a 10.8% hold. FanDuel accounted for 41.4% of the state’s mobile handle and 48.9% of the revenue in March.

DraftKings followed closely, setting a new revenue record of $52 million with an 8.8% hold on $589.8 million in accepted bets. Caesars Sportsbook reported $15.2 million in revenue with a 9.3% hold on a $237.5 million handle. Meanwhile, BetMGM set a new monthly revenue high of $9.6 million on a $121.2 million handle.

BetRivers and Bally Bet also achieved all-time highs in handle and revenue, with $49.9 million and $3 million in accepted wagers, respectively, and $3.6 million and $208,000 in revenue. New York’s four retail sportsbooks generated $755,000 in revenue on a 10.9% hold from a $6.9 million handle.

However, Tioga Downs suffered a loss for the second consecutive month, paying out $151,527 on $504,759 in accepted wagers, resulting in a record-low minus-30% hold. Del Lago Resort was the top-performing brick-and-mortar sportsbook in March, posting an 18.4% hold and earning $377,539 in revenue from just over $2 million handle.

With these record-breaking figures, New York has solidified its position as a major player in the sports betting industry, joining the ranks of New Jersey, Nevada, and Pennsylvania in surpassing $20 billion in post-PASPA handle.


Business Asia
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