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Sports betting has been growing in popularity ever since its launch in New York. March saw record-breaking revenue numbers for mobile sports wagering sites. The New York State Gaming Commission recently reported that these sites generated almost $1.79 billion in revenue in March. This is a significant increase from the $1.47 billion earned in February and $1.64 billion earned in Mar. 2022.
The increased revenue was mainly attributed to the NCAA basketball tournament. The tournament typically generates a lot of excitement and attracts a lot of bettors. While March's revenue numbers fell just short of the all-time record set in January 2023, bookmakers still did better than ever regarding revenue.
According to the gaming commission, online sportsbooks generated $162.8 million in gross gaming revenue in March 2023, a significant increase from the $108.3 million earned in February and the $114.3 million earned in Mar. 2022.
The revenue generated in March is also the highest ever generated by New York sports betting since mobile wagering was launched in January 2022. The online sportsbooks' gross revenue translated into a 9.1% hold for operators, an improvement over the 7.4% win rate reported in Feb. 2023.
FanDuel was the leader in handle among sports betting operators in March, reporting $740.1 million in mobile sports wagering and $79.6 million in revenue. DraftKings placed second with $589.8 million in mobile wagering and $52 million for their gross revenue. While Caesars was third with $237.5 million in handle and $15.2 million in revenue.
The New York State Gaming Commission also reported $343.3 million in online sports betting for the week ending Apr. 9, 2023, which is up slightly from $339.9 million the week before.
The increased revenue generated by online sportsbooks in New York is a positive development for the industry. It also demonstrates large-scale sporting events' impact on betting activity. With the rise of mobile sports betting, revenue numbers will likely continue to climb in the coming years.
Overall, March 2023 was a significant month for sports betting in New York, and the increased revenue generated by online sportsbooks is a positive development for the industry. It will be interesting to see how the New York market and the rest of the country will perform as baseball season and golf gets into the heart of their seasons.
Michael is an avid sports fan and a veteran bettor from Milwaukee. He learned the trade from his grandfather in Las Vegas as a kid and has turned that into a successful career. He cheers for all Wisconsin pro teams along with his Alma Mater Arizona State. He specializes in baseball betting, but has experience in football, basketball, and hockey as well. When he isn’t pouring over stats, he’s spending time with his two young children.More info on Michael Savio
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