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The New York State Gaming Commission reported $163.6 million in adjusted sports wagering gross revenue in March on Monday, an all-time monthly high for the Empire State.
The figure tops the previous record of $149.4 million established in January, as New York finally eclipsed $150 million after having ranged from $142 million to $149 million-plus every month from September through January. It is a distant No. 2 nationally in post-PASPA monthly revenue totals behind the $209 million that operators in Ohio claimed during their launch in January.
New York operators finished with a hold of 9.1% in March, the third March it was above 9% with at least $1.5 billion handle. The total handle was $1.79 billion, or about $6.2 million shy of the all-time record set in January that was $1 million short of $1.8 billion. New York also joined New Jersey, Nevada, and Pennsylvania as the only states to surpass $20 billion in post-PASPA handle and slotted into third overall with $21.7 billion.
The record mobile revenue haul — $162.8 million — contributed to an all-time national record for monthly state tax revenue, as the Empire State reaped $83.1 million worth of receipts. March’s tax revenue pushed New York’s overall total from sports wagering to more than $900 million. The $214.6 million in tax receipts for the first quarter of the year is $50.8 million more than the comparable period in 2022.
FanDuel continues to dominate Empire State
Running Top 10 2023 YTD #SportsBetting handle by state (March in CAPS):
1 NEW YORK $5.07B
2 New Jersey $1.93B
3 Ohio $1.75B
4 Nevada ~$1.6B
5 Pennsylvania $1.37B
6 MARYLAND $1.17B
7 Illinois $1.07B
8 Colorado $972.3M
9 Virginia ~$947M
10 Michigan $848.1M— Chris Altruda (@AlTruda73) April 10, 2023
Overall handle was up 9% compared to March 2022, while revenue surged 42.3%, as the hold was more than two full percentage points higher. FanDuel continued to rule the roost among the state’s nine mobile operators, setting an all-time handle record with $740.1 million.
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FanDuel’s $79.6 million in revenue — thanks to a 10.8% hold — was its second-best month behind the $81.9 million claimed in January, marking the eighth time in nine months the sportsbook had a double-digit win rate. FanDuel, which accounted for 41.4% of the state’s mobile handle and 48.9% of the revenue for March, also cleared $2 billion in handle in New York for 2023 and $8.5 billion in the 15 months mobile wagering has been available in the state.
What FanDuel could not do in terms of setting a revenue record, DraftKings could, as it claimed slightly more than $52 million for March. Its 8.8% hold was up two full percentage points from February, while the $589.8 million in accepted bets was $3.6 million off January’s all-time high.
Caesars Sportsbook claimed $15.2 million in revenue, marking the sixth time in seven months it cleared $14.9 million. Caesars had a 9.3% hold on $237.5 million handle, its second-lowest win rate in the last nine months.
BetMGM also set a new high for monthly revenue at $9.6 million and rounded out the list of operators with nine-figure handles at $121.2 million. Though BetMGM has surpassed $100 million handle for six consecutive months, its tally for March was 29.8% lower compared to last year’s corresponding figure.
BetRivers was able to complete a double of all-time highs in handle and revenue at $49.9 million and $3.6 million, respectively. Bally Bet did likewise, albeit on a smaller scale, with just over $3 million in accepted wagers and close to $208,000 in revenue.
Tioga Downs drops into the red
The state’s four retail sportsbooks generated $755,000 in revenue on a 10.9% hold from $6.9 million handle. Tioga Downs, though, was dealt a loss by the betting public for the second straight month, as it paid out $151,527 on top of $504,759 in accepted wagers. The minus-30% hold was the lowest recorded in state history, dating to the July 2019 launch of sports betting.
Tioga Downs, which also closed 2022 with a December loss, is currently $81,489 down through the first three months of the year. Del Lago Resort was the best performer of the brick-and-mortar quartet in March, posting an 18.4% hold to garner $377,539 in revenue from slightly more than $2 million handle.
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