March Madness Opening Week Surges New York Sports Betting Handle to $539M

For the week ending March 24, wagers made at all nine of New York’s online sportsbooks reached a record $539.6 million owing to activities from the March Madness.

This signified an impressive feat for the Empire State, as it is the first time since the week ending December 17, 2023, and the initial occurrence in March since the introduction of legal online sports betting in 2022, where New York has experienced over $500 million in betting activity within a single week.

This weekly handle also ranks third highest for New York sports betting in the year, joining the all-time top 10 list alongside January 21st, which saw a handle of $490.7 million, and February 11th, during Super Bowl 58 week, where the handle reached $474.6 million.

In contrast to the inaugural weekend of last year’s NCAA tournament, the total wagered in 2024 surged by 17.3%, although profits witnessed a decline of 20.4% compared to 2023. Moreover, on March 24, the handle experienced a notable increase of 21.2% from the preceding week, although sports betting revenue saw a substantial decrease of 22.4%.

FanDuel NY Not Backing Down From Occupying No. 1 Spot

The weekly statistics for sports betting in New York typically align closely with the performance of FanDuel, and the week ending March 24 was no exception.

FanDuel’s online sportsbook contributed hugely, with its $244.8 million in wagers comprising 45% of the total handle in the Empire State. However, despite this substantial volume, the revenue for FanDuel experienced a visible decline, plummeting by 34.7% compared to the previous week, amounting to $13.9 million. The heavyweight concluded its performance with a decent $14 million in earnings, maintaining a 5.7% hold ratio.

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With a $174.4 million handle, DraftKings experienced a 17.8% increase in its week-over-week handle to reach $174.4 million. Simultaneously, its revenue increased, rising from $10.3 million to $11.3 million during the same period. It also accomplished a major milestone when it surpassed $13 billion in handle all-time and generated eight figures in revenue for the sixth week in a row.

On the other hand, Fanatics Sportsbook had consecutive weeks with revenue exceeding $1 million. Fanatics maintained its winning streak in its third full week on the market, bringing in $1.2 million and earning 6.8% of the $18.4 million handle.

Caesars secured the third spot for handle, totaling $48.2 million, showing a decrease of approximately $750,000 compared to the previous week. The third-place operator also boasted a 6.1% hold, leading to $2.9 million in winnings.

Meanwhile, BetMGM clinched fifth among operators, with revenue hitting seven figures at $1.4 million. Their hold stood at 4.8%, managing against $30.2 million in wagers.

BetRivers, on the other hand, came close to a million-dollar week in winnings, falling short by just $55,300. With a 5.1% win rate, it closed the week with $18.4 million in handle. 

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About the Author
Tebearau Egbe

Tebearau Egbe

Tebearau Egbe is a seasoned gambling writer with more than four years of experience. Armed with a Masters degree in philosophy, Egbe possesses a unique ability to dissect complex industry developments, distilling them into insightful narratives that captivate readers.

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