In March, the sports betting industry in New York achieved a significant milestone by generating a record-breaking gross gaming revenue of $163.6 million, surpassing the $150 million benchmark for the first time. This achievement exceeded the previous record of $149.4 million set in January, making March a momentous month for the industry.
📃 Total Industry Performance
Although the handle of New York sports wagering operators in March was slightly lower at $1.79 billion compared to the previous record of $1.80 billion in January, the operators still achieved a 9.1% hold, which contributed to driving revenue levels up. This performance represents the second-best monthly industry performance nationwide since the legalization of sports betting in the States in 2018, with Ohio leading the way with $209 million earned during its January launch.
🤑 The Impact of March Madness and Intense Operator Activities
Major sports events, along with the active involvement of sports betting operators, were significant factors that supported the industry’s best monthly performance. The March Madness event, which attracted a lot of New York players to place their bets, might have played a critical role in the industry’s record revenue figures in March.
⚡ Record Mobile and Tax Revenue
Last March, mobile sports betting in New York generated a new monthly tax revenue record of $162.8 million, surpassing the previous national record. The sports betting industry contributed $83.1 million to the state’s tax revenue, which amounted to over $900 million last month. During the first quarter of 2023, New York’s tax income was $214.6 million, an increase of $50.8 million compared to the same period in the previous year.
👬 Revenues per Operators
- In March, FanDuel had an outstanding performance, breaking its own record with a handle of $740.1 million, earning $79.6 million in revenue. Their revenue accounted for nearly half of the total revenue in March and 41.4% of the mobile handle.
- The revenue record for DraftKings in March was $52 million, with a handle of $589.8 million.
- Meanwhile, Caesars Sportsbook reported a handle of $237.5 million and generated $15.2 million in revenue.
- In March, BetMGM achieved a record-breaking revenue of $9.6 million, with a total handle of $121.2 million.
- Last month, BetRivers and Bally Bet achieved unprecedented levels of revenue and handle.
- Four operators in retail sports betting earned $755,000 in revenue and reported a $6.9 million handle.
- The Del Lago Resort, an in-land sports operator, had the best performance in March, earning gross revenue of $377,539 on a handle of around $2 million.
💎 New York Joins 20+ States
In March, the State of New York set a new record for monthly revenue in the sports betting industry, generating $163.6 million from a handle of $1.79 billion. Only Tioga Downs reported losses during that month. This achievement puts New York on par with New Jersey, Nevada, and Pennsylvania as the only states to have a handle of over $20 billion since the legalization of sports betting in 2018.