Monday, October 3, 2022

March Madness First Week Numbers Put FanDuel at the Top of the NY Market

Sportsbooks in New York are showing no signs of slowing down, especially with March Madness taking over the scene. The statistics for the period between March 7 and March 13 are in and according to the numbers, FanDuel is leading the NY market.

FanDuel’s Handle Share Reached 43%
FanDuel by Flutter Entertainment proved to be the most dominant sportsbook as its handle share reached 43% while its revenue share was 48%. In the period between March 7 and March 13, online sportsbooks in NY gained $406.4 million in total bets. FanDuel contributed to $173 million of the total handle.

Operators’ GGR in this period reached $36.9 million and the state earned $18.8 million in tax revenue. DraftKings was placed second as its handle share reached 25% and its revenue share was 23%. The handle of this operator reached $103.1 million.

Caesars was ranked third as the total handle of this operator reached $66.9 million, or 16% of the total handle share. Compared to the previous week, Caesars’ handle was down 3%. BetMGM was ranked fourth in total handle reaching $40.5 million, or 10% of the market share. Totally, FanDuel, DraftKings, Caesars, and BetMGM contributed to $383.5 million of the total handle ($406.4 million).

The only “competition” to Match Madness was Super Bowl week, which resulted in a $472.1 million handle between February 7 and February 13.

NY Online Operators Amassed $3.9 Billion in Sports Handle since the Launch in January
Sports betting in New York proved to be a massive success. After its launch, which was on January 8, it went through the roof in its first month. Since then, the total sportsbook handle reached $3.9 billion. That resulted in operators’ GGR reaching $274.6 million and the state collected $140 million in tax revenue.

A survey by AGA revealed that during March Madness, 45 million adult Americans are expected to wager on the events, which is around 17% of the country’s adult population. Bill Miller, the president of AGA stated that the survey proves that Americans are extremely fond of wagering at legal and regulated sportsbooks.

Compared to 2021, 29 more million Americans have become eligible to wager on March Madness as sportsbooks became legal in 9 additional states: Louisiana, Washington, North Dakota, Maryland, Arizona, Wisconsin, Connecticut, Wyoming, and South Dakota.

Furthermore, a analyst, Eric Ramsey, said that March Madness can be considered superior to the Super Bowl in terms of placing bets due to the fact that the Super Bowl represents just one game. March Madness features the NCAA Men’s Division I Basketball Tournament that has numerous games on which bettors can wager.

Ty Gaston

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