Conference Tournament Week A Hit With New York Sports Bettors

Written By Mike Mazzeo on March 18, 2022
ny sports betting march madness week 1

New York sportsbooks did quite well during their first-ever conference tournament week.

From March 7-13 — as college basketball teams competed for an automatic bid into the NCAA Tournament — NY online sports betting operators amassed $406.4 million in total bets. That’s the highest total since Super Bowl week ($472.1 million from Feb. 7-13).

Operators received $36.9 million in total gross gaming revenue (GGR) from March 7-13, translating into $18.8 million in tax revenue for the state.

The numbers during the NCAA Tournament will be even higher, as NY takes advantage of March Madness betting for the first time.

FanDuel NY led the way as usual in both handle ($173 million) and market share (43%) from March 7-13. Then came DraftKings ($103.1 million, 25%), Caesars ($66.9 million, 16%) and BetMGM ($40.5 million, 10%).

NY sports betting totals — so far

Overall, NY online sports betting operators have handled $3.9 billion in wagers, which has led to $274.6 million in total GGR and $140 million in tax revenue for the state.

Only one NY team qualified for the NCAA Tournament: Colgate.

NY bettors cannot bet on in-state college teams as per state regulations. Bettors are eligible to bet on the NCAA Tournament games in Buffalo.

Photo by Wayne Parry / AP
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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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