New York Sports Betting: State Generated $1.63 billion in Wagering Handle

New York Sports Betting: State Generated $1.63 billion in Wagering Handle

The New York State Gaming Commission (NYSGC) has released its March betting results, which show a healthy total amount of wagering handle placed on some of the major events that took place during the month. According to the regulatory authority, a total of $1.63 billion in orders were placed between March 1 and March 31.

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Sports betting has continued to produce positive results

In the first month of online sports gambling in New York, the state generated a total of $1.69 billion between January 8 and January 31. This is still considered to be part of the original craze that swept the Empire State in January. According to data from the New York State Gaming Commission, the total money collected in sports wagers since January 8 has reached $4.83 billion. Once again, the first week of March Madness was a catalyst for positive results for the state. The collegiate basketball tournament alone brought in more than $427 million for the Empire State, and it has played a significant role in increasing the overall amount of money that the state’s sportsbooks have earned.

When it comes to sportsbooks, four companies entered the market at the start of the year, namely DraftKings, FanDuel, BetRivers, and Caesars Entertainment. However, the number of mobile betting sportsbooks has increased to eight in recent years. There are a total of nine licenses available. Taxes collected since January and returned to the state’s coffers totaled $58.28 million, according to the state. The total gross gaming revenue recorded by the businesses was $114.28 million, with the remaining funds going to sports bettors. When it comes to the amount of money that each individual sportsbook took in, FanDuel appeared to be the favorite option for New York sports bettors, taking in a total of $673.06 million, an increase over the previous month’s $568.06 million.

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FanDuel is the industry leader when it comes to handling

FanDuel experienced a strong trend in March, with its gross gaming revenue reaching $58.3 million in the month and significantly surpassing all other participants in terms of the amount of money it has amassed so far. DraftKings came in second place with $414.53 million, which is still a significant amount of money. DraftKings, on the other hand, only generated $22.89 million in total gross gaming revenue for the month of March, a decrease from the $29.95 million generated in February. In terms of betting volume and contributions, Caesars was the third-largest sportsbook in New York State, behind only Betfair and Betfair Sportsbook. During the month of March, the sportsbook received a total of $273.39 million in wagers made through its platform, resulting in an increase in gross gaming income to $21.58 million, an increase from $19.79 million in February.

BetMGM, which is frequently referred to as one of the country’s up-and-coming operators, managed to collect $172.65 million, which is still an increase over the $154.7 million it collected in February. One of the difficulties that sportsbooks in the Empire State have experienced is the relatively high tax levy load that they are subject to. The state of New York taxes sports betting revenue at a rate of 51 percent, which decides how much money is returned to the state’s treasury.

The companies have nevertheless been aggressive in their expenditures in order to maintain a solid position in what might soon become one of the most important sports betting marketplaces in the United States of America. Although there will be plenty of action outside of Major League Baseball and the impending horse racing Triple Crown events, the coming months may be quite quiet.

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About Lou De Aguila

Lou Ramon Aguila is a contributor for Golden Casino News. He has a degree in BSBA Legal Management with great interest in high-profile legal cases involving sports personalities. An ultimate sports junkie, he covers just about everything in the sporting world with an emphasis on the NBA, NFL, and MLB. In his past time, Lou loves to read manga, watch anime and critique pro-wrestling matches.