Mobile sports betting has taken over New York since its launch on January 8, as it’s referred to as the betting capital of the world. However, even the biggest sports betting markets witness declines from time to time.
Taking a Look at New York Sports Betting Handle with the Week Ending March 27
March Madness started great for the New York sports betting market as those living in New Jersey couldn’t place wagers on its in-state collegiate programs. However, mobile sports betting in the Empire State portrayed its lowest handle in the week ending March 27 since its launch in January.
The week ending on March 27 brought in a sports betting handle of $327.8 million, which is a 23.4 percent decline from the prior week that accepted $428 million in bets. The second week of the tournament didn’t bring in as much as there were fewer opportunities.
There were just 12 games in the tournament between the Sweet Sixteen and Elite Eight. The week before showcased a total of 52 games from between the four play-ins, and the first and second round witnessed a drop of more than $100 million.
The Saint Peter’s Peacocks’ magical run came to an end in the Elite 8 against the North Carolina Tar Heels 69-49. The Tar Heels made it to the National Championship game as the Kansas Jayhawks made a historic comeback in the second half to win 72-69.
New York Approaching the $5 Billion Overall Handle Mark
New York sportsbook operators only accumulated half the revenue made from the week before. The total handle for the week ending April 3 ends up being a little lower than $327.8 million, the overall handle since launch can surpass the $5 billion mark. The combined total as of right now is $4.682 billion, which just leaves $318 million to hit the impressive milestone.
FanDuel once again led the way with the biggest market share in the Empire State, a handle of $133.1 million, which is the fourth-lowest total since launch. DraftKings secured second place with a handle of $83.05 million. Caesars followed with a handle of $56.9 million.
DraftKings and PointsBet witnessed a decrease in market share from the previous week, but the top four remained the same, with BetMGM holding down the fourth spot. BetRivers rounded out the top five as the operator took back the fifth spot after PointsBet made a brief jump.
How Much Will the State Collect in March
Through 27 days of operation in March, the eight operators that are currently operating in the state owe $49.6 million in taxes. If the taxes hold, the bookmakers would have paid the state more than $150 million in taxes since its launch.
April 1 was set to be the deadline to finalize the fiscal year 2023 budget sent to New York Gov. Kathy Hochul. There is little known about what is going to happen in terms of the expansion of the gaming market in the Empire State.
iGaming, fantasy sports, and adding more sportsbook operators would most likely lower the 51 percent tax rate based on revenue. However, Sen. Joe Addabbo Jr. has stood firm with his proposition.
He believes that additional sportsbooks shouldn’t be added to the state if doing so generates less revenue and taxes. The reasoning behind this case means a lower tax rate would mean less money for funding schools and youth sports programs.
