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Ever since it was introduced in New York, sports betting has become increasingly popular. For mobile sports betting websites, March showed record-breaking revenue figures. According to a recent report by the New York State Gaming Commission, these websites took in close to $1.79 billion in March. In comparison to the $1.47 billion taken in February and the $1.64 billion taken in March 2022, this is a huge gain.
The NCAA basketball tournament was the primary reason for the increased income. Typically, the competition is very exciting and draws a large number of bettors. Even if March’s income figures came up barely short of the all-time high achieved in January 2023, bookmakers’ revenue performance was still the best it has ever been.
The gaming commission reports that online sportsbooks made $162.8 million in total gaming revenue in March 2023, a huge rise from the $108.3 million and $114.3 million received in February and March 2022, respectively.
Since the introduction of mobile wagering in January 2022, the income collected by New York sports betting in March is likewise the highest ever recorded. Gross revenue from online sportsbooks turned into a 9.1% hold for operators, which was higher than the 7.4% win rate reported in February 2023.
With $740.1 million in mobile sports wagering and a total of $79.6 million in revenue, FanDuel led all sports betting operators in handle in March. With $52 million in gross revenue and $589.8 million in mobile wagering, DraftKings came in second. With a handle of $237.5 million and revenue of $15.2 million, Caesars came in third.
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Additionally, for the week ending April 9, 2023, the New York State Gaming Commission reported $343.3 million in online sports wagers, a small increase from $339.9 million the week before.
It’s a good thing for the industry that online sportsbooks in New York are now making more money. It also shows how significant sporting events affect betting behavior. The growth of mobile sports betting will probably lead to an increase in revenue over the next few years.
Overall, March 2023 was a major month for New York sports betting, and the sector is benefiting from the additional money provided by online sportsbooks. As baseball season and golf enter their peak seasons, it will be interesting to observe how the New York market and the rest of the nation fare.
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