New York sports betting operators had a record monthly performance in March. According to the source, the New York State Gaming Commission reported that the sports betting operators in the Empire State generated the record of $163.6 million in gross gaming revenues last month. The March revenue figure exceeds the previous record of $149.4 million set in January, with the performance of sports betting industry in the State thus reaching the long-time goal for the first time to break the $ 150 million benchmark.
Record Industry Performance:
The total handle of the industry in March amounted to $1.79 billion, which is a slightly lower level than the record set in January at $1.80 billion. But the handle of New York sports wagering operators accounted for a 9.1% hold in March thus driving the revenue levels up. Since 2018, when PASPA defined the legal status of sports betting in the States, the overall revenue achieved by the Empire State in March represents the second monthly best industry performance nation-wide with only Ohio ahead with $209 million earned during its January launch.
Mobile sports betting generated $162.8 million in mobile revenue during the all-time high month to post a new national record for monthly tax revenue generated in the state.
Record Tax Revenue:
Indeed, the State of New York collected $83.1 million in tax revenues from sports wagering in March to contribute to the overall tax revenue of the State that amounted to more than $900 million last month. Over the first quarter of 2023, the State of New York collected $214.6 million in tax payments, which is $50.8 million more than the tax income generated over the same period last year.
The best monthly performance of the industry was supported by intense activities of sports betting operators over a series of sports events. Also, the March Madness event, as the most important one in March, might have been the key driver for New York players to place bets during the month. Consequently, this event might have been the main driver of the record revenue figures experienced by sports wagering industry in March.
As for the State’s nine operators, FanDuel had the best performance and achieved the record handle of $740.1 million. The operator generated $79.6 million in revenue accounting for almost 50% of the total revenue in March, as well as to 41.4% of the mobile handle. DraftKings followed with its revenue record of $52 million and a $589.8 million handle.
Caesars Sportsbook scored the revenue of $15.2 million and reported a $237.5 million handle. BetMGM also saw the all-time high revenue of $9.6 million in March, with $121.2 million of the total bets accepted. Likewise, BetRivers and Bally Bet hit record revenue and handle levels last month, while four retail sports betting operators generated $755,000 in revenue and reported a $6.9 million handle. As for in-land sports operators, Del Lago Resort had the best performance in March generating the gross revenue of $377,539 on around $2 million handle.
It seems that only Tioga Downs reported a loss last month after the loss sustained in February as well. The operator accepted more than $ 500,oo0 of bets but paid more than $150,000 to players to sink into operating loss for the second consecutive month. But overall, the State of New York set the record monthly revenue of $163.6 million from a $1.79 billion handle in March to join New Jersey, Nevada, and Pennsylvania as another state with the handle exceeding $ 20 billion since 2018.
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