A Great March For New York Underscoregs Closed Out a Great Fiscal Year

New York, the leading state for legal sports betting, ended its fiscal year on a high note in March, according to a report from the New York Gaming Commission. The Men’s and Women’s NCAA Basketball tournaments contributed to strong wagering activity at retail locations and top sports betting sites.

In March, New York sports betting apps and retail providers saw an increase in sports betting handles compared to the previous month and year. Although revenues improved from February, they were lower than in March of 2023 due to a lower win rate that was nearly one full percentage point less than the previous year.

The New York sports betting scene concluded its 2023 fiscal year in March with a remarkable 19.8% year-over-year growth, setting numerous records along the way.

A look at March’s numbers

In March, New York sportsbooks saw a total of $1.85 billion in bets, marking the fifth-largest handle ever reported by the New York Gaming Commission. It’s worth noting that this figure does not include the last week of the month.

The March handle shows a 4% increase in wagering activity compared to March 2023, slightly lower than the nearly $1.8 billion reported in February.

Revenues rise from February but drop from March 2023

In March, New York sports betting providers generated $151.7 million in gross gaming revenue with an average hold of 8.2%. This marked a 15.4% increase from February’s $131.3 million profit, but a 6.8% decrease from March 2023’s total of nearly $163.6 million. Despite these fluctuations, residents have continued to utilize New York sportsbook promotions.

New York sports betting apps have surpassed $150 million in monthly revenues six out of the last seven months. In March, they generated $76.3 million in tax revenue for New York state and local governments. In February, $67 million in taxes was paid, and in March of the previous year, nearly $83.1 million was paid out.

FanDuel dominates again in March

Once again, FanDuel dominated as the top New York sports betting platform in March. FanDuel New York collected $781.2 million in wagers and generated $73.06 million in revenue with a hold of 9.4%.

In March, DraftKings New York came in second place with $612.2 million in accepted bets and $48.8 million in revenues. Caesars Underscoreg New York followed in third place with $189.4 million in bets and $13.6 million in revenues. BetMGM New York completed the Top-4 with $125.9 million in wagers and $7.8 million in profits.

Now for the fiscal year numbers

In the second full fiscal year for New York sportsbooks, which ended in March, providers in the state saw a significant increase in bets, totaling $19.6 billion. This marked a 19.8% year-over-year spike from the previous fiscal year, which had already set records in the growing American legal sports betting industry.

In the 2023-24 fiscal year, New York sports betting apps saw a significant increase in revenue, reaching $1.76 billion, marking a 20.5% growth from the previous year.

FanDuel and DraftKings, the top two New York sportsbooks, saw remarkable levels of sports betting activity last year. FanDuel accounted for $8.1 billion in bets, while DraftKings accepted slightly over $7 billion during the entire year.