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March Madness Provides Huge Boost For New York Underscoregs

Davis Isabela

Updated as of April 3, 2024 at 2:37 PM EDT. Read time: 1 minute and 51 seconds. Find more information on Twitter and Google News.

Melvin Council Jr. of the Wagner Seahawks reacts as we look at the New York sportsbook financials for the opening week of March Madness action
Melvin Council Jr. of the Wagner Seahawks reacts from the court against the North Carolina Tar Heels in the first round of the NCAA Men’s Basketball Tournament on March 21, 2024. Photo by Jacob Kupferman/Getty Images via AFP.

The latest data is in for New York sports betting apps and retail providers during the first two rounds of March Madness, showing strong performance for the top sports betting sites in the Empire State.

The week ending March 24 marked the second most successful week in the 117-month history of legal New York sports betting. Betting totals exceeded those of the Super Bowl week and any week during the NFL season.

The week’s handle was second only to the $572.6 million wagered during the third full week of legal betting in New York State, as reported by the New York State Gaming Commission.

This marked the third instance in 2024 where a weekly handle made it to the top 10 all-time for the state, and also the sixth time that wagering activity exceeded half a billion dollars for a single week.

$539.6 million for the week

During the first week of the NCAA Men’s and Women’s Basketball tournaments, New York bettors showed strong support by placing a total of $539.6 million in wagers. This marked the second-largest weekly handle ever for both New York sports betting apps and retailers.

Compared to the previous year, betting activity during the first week of March Madness, which concluded on March 19 last year, increased by more than 17%.

Despite the high handle, New York sportsbooks did not perform as well as expected against bettors in the state during its second-best week ever. The hold rate was only 5.8%, significantly below the national average of 8% and the lowest since a disappointing 1.1% win rate for the week ending February 11. Despite this, residents enjoyed a successful month taking advantage of New York sportsbook promotions.

New York sportsbooks saw a significant increase in adjusted gross sports betting revenue, totaling $31.2 million, surpassing monthly totals of most other top 10 states in the American market.

FanDuel the top dog

FanDuel New York continued its dominance in the Empire State market by capturing a 45% market share for the week ending March 24. The sports betting site accepted $244.8 million in bets, the third-highest weekly total for any single sportsbook in the market. Despite a lower-than-expected 5.7% hold, FanDuel still managed to secure $14 million in winnings, the second-highest one-week win for a New York provider.

DraftKings in New York accepted $174.4 million in wagers for the week ending March 24, generating $10.3 million in revenue with a win rate of less than 6%.

In terms of wagers and revenues for the week, Caesars New York ranked third with $48.2 million in bets and $2.9 million in revenues. Following closely behind was BetMGM New York with $30.2 million in wagers, Fanatics Underscoreg New York with an $18.4 million handle, and BetRivers New York with $18.4 million in bets.

Written By:
Davis Isabela
Davis Isabela is the Editor-in-Chief of Underscoreg Review. He has been a writer, reporter and editor for more than 20 years, and his work has appeared in more than 200 publications across North America. His first book, “100 Greatest Canadian Sports Moments”, was a hardcover best-seller in Canada in 2008. He has written more than 50 sportsbook reviews and dozens of other sportsbook-related content articles. James has also been quoted as a sports betting expert in USA Today and Sports Illustrated.