New York mobile sports betting continues to put up strong numbers. Three sportsbook operators have crossed the $1 billion handle mark since launch, which includes FanDuel Sportsbook ($1.55 billion), Caesars Sportsbook ($1.14 billion), and DraftKings Sportsbook ($1.06 billion).
Breaking Down the Weekly Handle For New York
From March 14-20, bettors across the state wagered a total of $427.9 million. The handle includes the bets placed on March Madness, which is considered modest growth. The eight sportsbook operators’ handle witnessed a growth of 5.3 percent for the week.
The week before, operators reported a combined total of $406.4 million. This was when conference tournaments were coming to an end as teams were gearing up for March Madness.
Operators combined to bring in a revenue total of $26.1 million, with a majority of it coming from FanDuel. FanDuel also had the highest handle out of all the operators as it hit $167.9 million, which is approximately 40 percent of the weekly handle.
The hold percentage for the week was at 6.1 percent, but there were a lot of future bets that were placed, especially for the tournament. DraftKings and Caesars held the second and third positions. The three biggest sportsbook operators in the Empire State made up 80.9 percent of the market share.
However, FanDuel and Caesars‘ market share percentages dropped as PointsBet gained a little bit of market compared to a week ago. PointsBet’s handle share went up from 2.1 percent to 5.6 percent in that span.
In terms of revenue share for the month, FanDuel made up 55.7 percent. There is almost a 40 percent difference with Caesars, which came in second place with a revenue share of 16.9 percent.
Saint Peter’s Peacocks Boost Up the Handle
In New Jersey, bettors cannot place wagers on in-state collegiate programs even if they are in March Madness. BetMGM had to pay $25,000 for their mistake of not labeling Rutgers as a college in the Garden State.
If bettors in New Jersey want to place wagers on their in-state teams legally, they must go to neighboring states like New York or Pennsylvania. The Cinderella team made it to the Elite 8 by defeating Kentucky and Purdue as a 15th seed.
The team eventually fell to North Carolina on Sunday 69-49. March could still top the record of $1.686 million that was set in just 23 days in January. There are still 11 days to report as the sportsbook in the state witnessed an average daily handle of $58.9 million for the month.
BallyBet is Set to Launch at any Point Soon
BallyBet has yet to offer its products and services to bettors across the state. It plans to be up and running at some point in April. The demand for sports betting has been high in New York, as bettors aren’t going to wait for a sportsbook to launch.
BetRivers, WynnBET, and Resorts World Bet have licenses to operate in the Empire State but don’t have the same popularity as the other competitors. These brands account for just 3.4 percent of the handle share and just 3.3 percent of the revenue share.