Adjusted gross weekly sports betting revenue from New York State’s nine mobile operators reached $41.9 million for the week ending March 31st. This marks an improvement as the collective hold rose by over three percentage points to 9.2%, reveals the latest data released by the New York State Gaming Commission.
Compared to the previous week, revenue surged by 34.4%, attributed to a higher win rate of 5.8% against the second-highest weekly handle in the state’s history since the availability of sports betting apps. Although there was a 15.4% dip in handle from the record $539.6 million wagered, the $456.4 million in bets accepted marked the 25th occurrence in the last 27 weeks where the handle exceeded $400 million.
All nine operators recorded positive adjusted gross revenue (AGR) for the week, translating to an estimated tax revenue of $21.3 million for the state of New York. With the coinciding end-of-month report, there’s potential for the Empire State to surpass its own national record for monthly handle, given the combined $2.33 billion in action observed across the five weekly reports for March.
New York maintains its distinction as the sole state to surpass $2 billion in monthly handle, with the record set in November at $2.12 billion, during a period of three consecutive months where wagering exceeded $2 billion from October through December.
FanDuel continues to dominate the weekly records in New York mobile betting, achieving another milestone by becoming the first operator to post consecutive weeks with $200 million in handle. The online betting giant recorded $202.8 million in wagers and secured a 10.6% hold, resulting in $21.4 million in revenue.
DraftKings trailed as a distant second in both revenue and handle, with an 8.3% win rate against $153.9 million in handle, generating $12.7 million in revenue and crossing the $1.1 billion mark in all-time winnings.
Caesars closed out March strongly, achieving an 8.5% hold and retaining $3.5 million from the $40.7 million wagered for the week. This marks five consecutive weeks and 25 out of the last 28 weeks where Caesars surpassed $40 million in handle.
Fanatics Sportsbook, following its takeover of PointsBet, sustained an impressive streak by recording seven-figure revenue for the third consecutive week. Despite a slight increase of $3,700 from the previous week, its 7.9% hold from $15.9 million handle marked a 1.1 percentage point improvement, reaching $1.25 million.
BetMGM rounded out the top performers, surpassing $1 million in weekly winnings with a 5.9% hold from $27.4 million in wagers, resulting in $1.6 million in revenue.
Both Bally Bet and Resorts World achieved top five all-time revenue totals. Resorts World secured $212,106 off a 10.3% hold, ranking fifth overall, while Bally Bet recorded $180,669, thanks to an 8.1% win rate from $2.2 million in handle.
WynnBET witnessed a decline in handle for the fourth consecutive week, dropping to $426,190. With a 1.1% hold, it only earned $4,618 in revenue, extending its streak of failing to reach the 7% industry standard to 28 weeks. Its parent, Wynn, agreed to sell its New York mobile licenses for $25 million to PENN Entertainment, potentially introducing ESPN BET into the nation’s largest marketplace.
