March Madness Stokes New York Online Sports Betting Frenzy

Mar 16, 2024; New York City, NY, USA; Connecticut Huskies center Donovan Clingan (32) reacts during the second half against the Marquette Golden Eagles at Madison Square Garden. Mandatory Credit: Brad Penner-USA TODAY SportsThe opening round of the March Madness tournaments saw more online sports betting in New York than any week of the football seasonThe New York State Gaming Commission reported a whopping $539.6 million in online sports betting handle for the week ending March 24Second highest weekly online sports betting handle total in New York history

March Madness brought in massive New York online sports betting numbers.

The New York State Gaming Commission reported more than $539 million in online sports betting handle for the week ending March 24. The week saw higher numbers than any week of the NFL season, including the Super Bowl.

The commission also reported $31.1 million in gross gaming revenue for the week.

Nearly Record Breaking Week

The $539,612,092 online sports betting handle total for the week was the second highest weekly total in New York’s sports betting history. Only the $572.5 million total for the week ending Jan. 23, 2022, topped this last week.

FanDuel again took the top spot in the state, reporting $244.83 million in online sports betting handle and more than $13.9 million in gross gaming revenue for the week. DraftKings totaled $174.3 million in handle and $10.3 million in gross gaming revenue.

The New York State Gaming Commission releases handle and revenue reports for its nine NY sports betting apps, Caesars Sportsbook, DraftKings Sportsbook, FanDuel, BetMGM, WynnBET, Fanatics Sportsbook, Bally Bet, Resorts World Bet, and BetRivers, at the conclusion of each week.

Here are the handle breakdowns for the nine sportsbooks for the week ending March 10:

FanDuel NY: $244,835,753DraftKings NY: $174,377,327Caesars Sportsbook NY: $48,170,660BetMGM NY: $30,196,250Fanatics Sportsbook: $18,419,492BetRivers: $18,394,608Resorts World: $2,235,105Bally Bet: $2,415,375WynnBET: $567,522

ESPN BET is slated to come to New York after securing market access through a $25 million deal for WSI US, LLC, from Wynn Interactive Holdings. WynnBET is still operating in the state and ESPN BET has yet to announce a transition date.

Here are the total handles for the nine sportsbooks since New York’s Jan. 8, 2022 launch. FanDuel is the only operator in the state to eclipse $16 billion in total handle so far.

FanDuel: $16,599,956,981DraftKings: $13,154,982,678Caesars: $5,452,252,527BetMGM: $2,935,718,101BetRivers: $1,183,322,351Fanatics Sportsbook: $906,556,698WynnBET: $226,866,189Resorts World: $152,634,734Bally Bet: $54,372,549

NY Sports Betting Revenues

For the week of March 24, the nine sportsbooks reported a total of $31,156,485 in gross gaming revenue. At New York’s 51% online sports betting tax rate, this resulted in $15,889,807 million in tax revenue.

Here are the total gross gaming revenues for the week:

FanDuel: $13,967,654DraftKings: $10,329,997Caesars: $2,919,476BetMGM: $1,435,859Fanatics Sportsbook: $1,245,737BetRivers: $944,749Resorts World: $200,666Bally Bet: $74,746WynnBET: $37,601

Here are the total gross gaming revenues since the Jan. 8, 2022 launch:

FanDuel: $1,699,808,133DraftKings: $1,089,913,948Caesars: $390,439,148BetMGM: $190,389,235BetRivers: $68,170,901Fanatics Sportsbook: $55,621,720WynnBET: $10,931,625Resorts World: $9,447,781Bally Bet: $2,270,612