Online sports betting in New York is ahead of the curve it set last year.
With NY sports betting operators combining for $1.47 billion in accepted bets in February, the industry has totaled nearly $3.3 billion over the first two months of 2023. A year ago at this time, the Empire State went into March with just shy of $3.2 billion.
Of course, the beginning of 2022 saw some relatively inflated figures. After all, during those first two months of operation, NY sportsbooks rolled out special promotions and bonuses to attract and retain customers. Such marketing has drastically reduced since that time.
While the sports calendar will soon wind down and give way to far slower betting months, one last major event remains: March Madness.
NY sports betting nearing $20 billion in lifetime handle
Tournament basketball now takes the world by storm, especially with the NCAA Tournament tipping off, a tourney that includes six first- and second-round games at MVP Arena in Albany and another three Sweet 16 and Elite Eight games at Madison Square Garden.
Certainly, this tournament will provide another jolt for sports betting in New York. And it will no doubt slingshot the industry to new heights.
For example, since launching in January 2022, online sports betting in New York has generated over $19 billion in accepted wagers, leading to $1.6 billion in NY sports betting revenue. As the Sweet 16 turns to the Elite Eight, that total will likely exceed $20 billion.
Following the tournament, the Empire State will be one step closer to an eye-opening landmark as well. Within the next two months, New York should see state tax revenue top $1 billion; the total currently sits at $824.6 million.
Breaking down February revenue by sportsbook
While the February handle total of $1.47 billion stands as the state’s lowest since September, it isn’t far off from the February 2022 total ($1.53 billion) that was more inflated by promos and bonuses.
Last month, FanDuel Sportsbook NY led the way with $591 million in handle and over $53 million in gross gaming revenue.
|Bally Bet Sportsbook||$1,206,308||$18,451|
March Madness betting awaits in New York
The Super Bowl has established itself as the the featured and biggest singular betting event in North America. The NCAA Tournament, however, certainly draws plenty of action.
In fact, according to the American Gaming Association, more adults plan on betting on the tournament than the NFL championship. All told, per an AGA survey, March Madness betting could lead to $15.5 billion in handle — roughly a half-billion less than the Super Bowl.
“March Madness is one of the best traditions in American sports — and America’s most wagered-on competition,” Bill Miller, AGA president and CEO, said in a release. “Critically, the expansion of regulated sports betting over the past five years has brought safeguards to more than half of American adults who can now bet legally in their home market.”
In March 2022, NY sportsbooks took in $1.64 billion, a total that still stands as the third-highest month in the short history of the industry.