Weak Week For NCAA Tournament Betting: NY Online Sportsbooks Produce Lowest Weekly Handle Since Launch

Written By Mike Mazzeo on April 1, 2022
NCAA Tournament Online New York Sports Betting Revenue March 27

Has the initial buzz of March Madness worn off?

New York online sports betting handle dropped more than $100 million (23%) from the first week of March Madness ($428 million) to the second week ($327.8 million).

The $327.8 million in handle for the week ending March 27 represented the lowest full week total since Jan. 8 launch.

Why such a drop in online NY sports betting handle?

This could be because there are less games on which to wager and/or because promotional spend continues to decline. And it will be interesting to see how NY online sports betting operators perform as the sports calendar turns.

The NBA and NHL playoff seasons have the potential to be strong. But just MLB regular-season games in the summer could be leaner.

Overall, New York online sports betting has still been a massive boom to the state financially. From Jan. 8 through March 27, the Empire State has collected $160.4 million in tax revenue off $4.68 billion in online sports betting handle.

Breaking down NY sports betting weekly numbers

For the eighth straight week, FanDuel ($133.1 million) and DraftKings ($83 million) finished 1-2 in handle/market share.

But DraftKings (perhaps due to promotions) had a total gross gaming revenue (GGR) of  just $1.9 million compared to FanDuel’s $9.5 million.

Caesars ($56.9 million in handle, $2.3 million in total GGR) and BetMGM ($36.4 million in handle, lost $433,000 in total GGR) performed similarly.

SportsbookHandleGross Gaming Revenue
Resorts WorldBet$1,108,773$87,231

Local policymakers have been trying to add skins, thereby decreasing the 51% tax rate. But that is unlikely to make it in before the budget deadline, making it a post-budget focus before the session ends in June.

Sportsbooks have been open about their disdain for the 51% tax rate as it relates to long-term sustainability and profitability in NY. But the state’s position has been that they knew what they were signing up for when they were granted licenses.

Photo by AP / Eduardo Munoz Avarez
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Mike Mazzeo

Mike Mazzeo is the Lead Writer for PlayNY, arriving after covering several of New York's professional sports teams in a variety of roles for the past decade. Previously, he served as a beat writer and columnist covering the Brooklyn Nets (ESPN) and New York Yankees (New York Daily News). Mike also covered both the MLB and NBA nationally for Yahoo Sports. In addition, he served as a general assignment reporter for ESPN NewYork.com. He has also had bylines in the New York Times, New York Post, Newsday, Forbes and The Ringer. With PlayNY, Mike brings extensive coverage and unique story angles to what is projected to be one of the biggest and most lucrative online sports betting markets in the country. It's been an arduous and confounding process to get here, but 20 million New Yorkers (many of them die-hards) are now legally able to bet on their favorite sports teams across the state via online and mobile platforms.

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