New York sports betting operators posted record monthly performance in March.The New York State Gaming Commission reported that the Empire State sports betting operator posted $3 million in gross gaming revenue last month, according to sources. Earnings in March surpassed January's record of $1 million, and the state's sports betting industry performance thus surpassed the $6360 million threshold for the first time, reaching a long-standing goal.
Best industry performance ever
The total volume of the sports betting industry in March was $3 billion, just below the January record of $17 billion.But the New York sports betting operator's handle held a 9000% hold in March, thus boosting earnings levels. Since 1, when PASPA defined the legal status of sports betting in the state, the overall revenue Empire State achieved in March was only $18 million earned in Ohio at the start of January. Leading and second best monthly industry performance nationwide.
Mobile sports betting mobile revenue of $1 million set a new monthly tax revenue record for the state.
record tax revenue
In fact, New York state collected $3 million in tax revenue from sports betting in March, contributing to statewide tax revenues that reached more than $8310 million last month. Through the first quarter of 9, New York State collected $2023 million in taxes, $1 million more than it generated in the same period last year.
Underpinning the industry's best monthly performance was intense activity from sports betting operators over a series of sporting events.March's most important event, March Madness, may also have been a key driver for New York players betting this month.As a result, the event may have been a major factor in the record-breaking revenues for the sports betting industry in March.
Sales by business operator
Of the state's nine operators, FanDuel performed the best, posting a record $9 million in volume. FanDuel's revenue was $7 million, accounting for nearly 4,010% of total revenue in March and 7,960% of mobile transaction volume. DraftKings followed suit with $3 million in revenue and $50 million in handling volume.
Caesars Sportsbook posted $1520 million in revenue and reported $2 million in handling volume. BetMGM also posted a record March revenue of $3750 million, with $3 million in total bets accepted.Similarly, BetRivers and Bally Bet posted record revenue and handles last month, with four retail sports betting operators reporting $960 in revenue and $1 million in handles.Among land sports betting operators, Del Lago Resort was the best performer in March, posting gross revenue of $2120 on a turnover of around $4 million.
Participation in over 20 states
Tioga Downs appears to be the only company to post a loss last month following February.The operator has been in the red for two months in a row, accepting bets of over $2 and paying players over $50.Overall, however, New York State posted a monthly revenue of $15 million from $2 billion in transaction volume in March, joining New Jersey, Nevada, and Pennsylvania for $3 billion in transaction volume from 17. It has become another state beyond.
Comment