New York continues to be the top market in the sports betting industry. Three mobile sportsbook operators have surpassed the $1 billion market, which includes FanDuel Sportsbook ($1.55 billion), Caesars Sportsbook ($1.14 billion), and DraftKings Sportsbook ($1.06 billion).
New York’s Sports Betting Handle Since Launch
As of right, eight sportsbook operators are accepting wagers in the Empire State. Overall, the eight mobile bookmakers have combined to have a handle that exceeds $4.35 billion, as stated by the New York State Gaming Commission.
For the week of March 14-20, bettors across the state wagered a total of $427.9 million. It was considered a modest gain even with March Madness taking place in that span.
The average betting volume increase was a bit of a surprise as bigger results were expected. Still, operators reported a combined total of $406.4 million the week before as the conference tournaments were wrapping up.
The sportsbook operator with the largest handle for the week was FanDuel, as it brought in $167.9 million, which translates to about 40 percent of the weekly handle. Operators in the state brought in a combined revenue total of $26.1 million.
The hold percentage was solid as it was 6.1 percent. The national average in that category is anywhere between five to seven percent. Several futures bets in regards to March Madness were also placed. The three sportsbooks that surpassed the $1 billion handle mark since launch have combined to have a market share of 80.9 percent for the week ending on the 20th.
PointsBet also made some improvements for the week as the market share percentages for Caesars and FanDuel have gone down a bit. PointsBet’s market share went from 2.1 percent to 5.6 percent in just a week.
FanDuel has also become the most popular sportsbook in the Empire State after Caesars had the best launch in the market. FanDuel secured a market share of 55.7 percent for the month, while second-place Caesars brought in a market share of 16.9 percent.
New Jersey’s Saint Peter’s Peacocks Boosted New York’s Handle
New York is one of the states that benefited from New Jersey not allowing bettors to place wagers on in-state collegiate programs regardless of the situation. The other that benefited was Pennsylvania. Saint Peter’s busted a ton of brackets but has inspired many across the country.
The Cinderella team of the tournament made it to the Elite 8, where their magical run came to an end. The 15th seed team defeated teams that included Kentucky, Murray State, and Purdue. On Sunday, the Peacocks were eliminated by the North Carolina Tar Heels 69-49.
Saint Peter’s head coach Shaheen Holloway is expected to finalize a deal to become the Seton Hall Pirates’ Head Coach. Seton Hall lost in the opening round to TCU 69-42. Holloway was the starting point guard for the Pirates from 1996 to 2000 and was the school’s assistant head coach from 2010 to 2018.
New York doesn’t allow bettors to place wagers on its in-state college teams. New York has good college programs like Saint John’s, Syracuse, and others.
One Sportsbook Awaits its Launch in New York
BallyBet is the only sportsbook that hasn’t launched yet of the initial nine that received approved licenses before the market launched. It plans to be up and running at some point in April. However, there are questions about how BallyBet will do in New York as the market is waiting for no one.
BetRivers, WynnBET, and Resorts World Bet are sportsbooks that aren’t doing as well as the other competitors in the market. These bookmakers combined to make up just 3.4 percent of the handle share and just 3.3 percent of the revenue share.
New York has proven to become the betting capital of not only the United States but the world. California, Texas, and Florida all have more residents than New York but have yet to establish a legalized sports betting market.
The state has benefited from a lot of major sporting events since its launch. Some of these events include the NFL playoffs, the Super Bowl, and March Madness.