A Great March For New York Sportsbooks Closed Out a Great Fiscal Year

According to a New York Gaming Commission report, the Kings of the Legal Sports Betting States, New York, closed out its fiscal year with a strong March. Wagering activity at retail outlets and across our best sports betting sites was aided by both the Men's and Women's NCAA Basketball tournaments.

New York sports betting apps, combined with the state's retail providers, experienced month-over-month and year-over-year increases in sports betting handles in March. Revenues ticked up from February but were lower than in March of 2023, thanks in part to a win rate that was nearly one full percentage point lower than was seen during the same month last year.

March marked the end of the 2023 fiscal year for the New York sports betting scene. There was no shortage of records during the 12-month period which ended up growing an impressive 19.8% year-over-year.

A look at March's numbers

New York sportsbooks accepted a total of $1.85 in bets in March. This was the fifth-largest handle ever reported by the New York Gaming Commission, even though the last week of the month was not included in the handle figures.

The March handle represents about a 4% year-over-year wagering activity increase from the $1.79 billion reported in March 2023 and is an ever-so-slightly lower percentage month-over-month increase from the nearly $1.8 billion from February.

Revenues rise from February but drop from March 2023

Gross gaming revenue for New York sports betting providers came in at $151.7 million for March, off of an average 8.2% hold. This represents a nice 15.4% month-over-month spike from February's $131.3 million profit total but is down 6.8% year-over-year from March 2023's nearly $163.6 million. Throughout it all, residents have taken advantage of New York sportsbook promos.

New York sports betting apps have now topped $150 million in monthly revenues six times in the last seven months, and March’s haul resulted in $76.3 million in tax revenue for New York state and local coffers. $67 million in taxes was paid in February, and nearly $83.1 million was paid out last March.

FanDuel dominates again in March

Once again, FanDuel was the most popular New York sports betting site in March. Last month, FanDuel New York took in $781.2 million in bets and reported $73.06 million in revenues on a 9.4% hold.

DraftKings New York was second with $612.2 million in accepted bets in March and $48.8 million in revenues. Caesars Sportsbook New York was third with $189.4 million in March bets and $13.6 million in revenues. BetMGM New York rounded out the Top-4 with $125.9 million in wagers last month and $7.8 million in profits.

Now for the fiscal year numbers

March brought the close of the second full fiscal year for New York sportsbooks. Providers in the state took in a staggering $19.6 billion in bets during the 12-month period. It is a 19.8% year-over-year spike from the last fiscal year, already record-setting in the broad and expanding American legal sports betting scene.

Revenues for New York sports betting apps for the 2023-24 fiscal year were an impressive $1.76 billion, a 20.5% improvement from the previous fiscal year.

The big two New York sportsbooks, FanDuel and DraftKings, were responsible for eye-popping sports wagering activity last year. FanDuel alone was responsible for $8.1 billion in bets, DraftKings accepted just over $7 billion for the full year wagering period.