March Madness proved to be another major sports betting event in New York. This year's NCAA tournament introduced almost Super Bowl-level online sports betting activities, according to data from the New York State Game Commission. For the week of March 19, 2023, the state reported about $460 million in bets processed.
New Yorkers can make legal bets on sporting events from January 2022, when the state officially launched its first online market. A total of nine mobile apps operate in the sector and accept bets, and in its first year, it collected more than $700 million in tax revenue and an additional $200 million in licensing fees from the state as bets.
Last week, the New York State Game Commission released the latest figures on the market, which apply to the seven-day period ended March 19, 2023. During the week, nine sportsbooks processed about $460 million in online bets. This is a slight increase from the previous week when the total volume was $442.7 million.
The weekly trading volume increase could be recognized as the start of the March frenzy that attracts fans in the state. For the week of March 19, 2023, Sportsbook reported gross gaming revenue of $39.2 million for the operator's 8.5% hold. However, both the GGR and the hold were down 9.1% from the previous week, with $40.4 million in revenue and holdovers.
There was no surprise on the operator's side, as Panduel is still at the top of the market, processing most of the bets and earning the most revenue. For the week of March 19, it generated a total of $188.3 million in betting handles, which turned into $19.5 million in pre-tax revenue. The operator's profits are subject to a huge 51% tax by the state.
There were also no changes in the top three operators, with DraftKings coming in second, while Caesars Sportsbook coming in third. DraftKings reported a total betting handle of $154.1 million and a total gaming revenue of $12.5 million. Caesars disclosed a total bet of $63.1 million and revenue of $2.8 million.
In March, New York reached another significant mobile sports betting milestone as the state's total betting volume since its launch on March 12, 2023, exceeded US$20 billion. This has resulted in total gaming revenue of $1.6 billion or more than $850 million in just 14 months, making it one of the leading markets in the U.S. market.
But as betting activity increases with the March frenzy, the National Problem Gambling Commission reminds local residents that it is important to play games with responsibility. Some of the committee's advice for athletes includes keeping records and setting limits for using money and not exceeding them. The organization also advises that it is important for gamblers to know how much time they have spent gambling and when to relax
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