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All systems apparently go when it comes to New York’s relatively new mobile sports betting market, an operation that has only been in place since January and has just come close to topping its all-time record handle by posting $1.64 billion in wagers during March.
That is just under the national record New York achieved in its opening month when that new mobile sports gambling market got the betting ball rolling with a $1.67 billion handle, so now February becomes the state’s only ‘low’ month after its still-impressive $1.53 billion handle.
Don’t expect the Empire State to sustain such earth-shattering handles given that early spring through summer typically slows down in the world of sports betting, a reality that industry insiders like Eric Ramsey understand, the PlayUSA.com Network analyst saying:
A seasonal slowdown will hit sportsbooks over the next few months, but it is hard to imagine a stronger launch. The NBA playoffs, baseball, and major golf tournaments will keep bettors interested, but we’ll have to wait until football season for similarly eye-popping numbers. Regardless, the state has clearly been the biggest winner so far.
A major reason March was so popular with bettors is due to the ‘Madness’ that month contains.
The NCAA’s March Madness tournament is popular among gamblers and now that New York allows its residents to use their mobile devices to access apps from sportsbooks (like DraftKings and FanDuel and Caesars), the Final Four truly pumps up those monthly handle totals.
It’s a major reason why New York’s March handle increased 7.2% over the prior month, and it didn’t hurt that many of the games were played in New York City at the famed Madison Square Garden, with plenty of marketing aimed at New Yorkers to get in on all the betting fun.
Says Mike Mazzeo, the lead analyst for PlayNY.com:
March’s handle falling so close to January’s record is a sign that bettors remain highly engaged during major events, even though wagering expectedly slowed after the first weekend of the NCAA Tournament.
Point is, New York mobile sports betting had a heckuva first quarter.
It is tough to imagine how successful New York’s new mobile sports betting market has been during its first quarter of operation, but when you look at the $4.8 billion handle it generated during that period and compare it to the state’s competitors, you start to get the idea.
For example, of the over thirty states that have already legalized, regulated, and taxed a sports betting market for their residents, only three – New Jersey, Nevada, Illinois and Pennsylvania – beat New York’s first-quarter $4.8B mobile handle, but they took all of 2021 to do it.
That’s an impressive start that New York lawmakers and industry leaders hope can be sustained, especially once the newness of the activity starts to wear off, though so far placing bets from the comfort of your couch has not lost any of its initial luster.
In just the New York metropolitan area alone there are eleven major pro sports teams, so chances are no matter what month it is at least one of them will be taking the field, court, or diamond, so expect those wager to keep on flowing as that market begins to evolve.
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Mike Lukas is a retired standup comedian turned freelance writer now living in Dallas, Texas, originally from Cleveland, Ohio. His love for the game of football and all things Cleveland Browns turned Mike into a pro blogger years ago. Now Mike enjoys writing about all thirty-two NFL teams, hoping to help football gamblers gain a slight edge in their pursuit of the perfect wager. Email: [email protected]More info on Mike Lukas
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