The New York State Gaming Commission has reported a record-breaking figure of $163.6 million in sports wagering gross revenue for the month of March. This marks a significant milestone for the state’s burgeoning sports betting industry, which has been growing steadily since the legalization of sports betting in 2019.
According to the report released by the Commission, the total sports wagering handle for March was $931.6 million, representing a 12.5% increase from February. The gross revenue generated from this handle was $163.6 million, with the state collecting $12.3 million in taxes. The report also revealed that the mobile sports betting handle accounted for 91.7% of the total handle, while retail sportsbooks made up the remaining 8.3%.
This surge in revenue is largely attributed to the March Madness NCAA basketball tournament, which generated significant interest and betting activity among sports fans across the state. The tournament alone accounted for $342.2 million in handle, with $45.4 million in gross revenue generated.
New York’s sports betting industry has been steadily growing since the launch of mobile sports betting in January this year. The state’s market is expected to continue its upward trajectory, with more operators expected to enter the market in the coming months.
The March figures are a testament to the growing popularity of sports betting in New York,” said Robert Williams, Executive Director of the New York State Gaming Commission. “We are pleased to see that the industry is thriving, and we remain committed to ensuring that the market is regulated effectively to protect consumers and promote responsible gambling.”
The New York State Gaming Commission has also been working to expand the state’s sports betting market by issuing new licenses and approving partnerships with operators. In February, the Commission approved four new mobile sports betting operators, bringing the total number of operators in the state to seven.
The Commission has also approved several partnerships between sports betting operators and local sports teams, including the Buffalo Bills, New York Giants, and New York Jets. These partnerships are expected to drive further growth in the market by increasing fan engagement and promoting sports betting as a mainstream entertainment option.
The success of the New York sports betting industry has also been bolstered by the state’s population and proximity to major sports markets. With a population of nearly 20 million and easy access to major cities such as New York City and Boston, the state is well-positioned to become one of the largest sports betting markets in the country.
As the market continues to grow, the New York State Gaming Commission has emphasized the importance of responsible gambling measures to protect consumers. The Commission has launched several initiatives aimed at promoting responsible gambling, including a statewide self-exclusion program and a partnership with the New York Council on Problem Gambling.
We are committed to ensuring that sports betting in New York is conducted in a safe, responsible, and transparent manner,” said Williams. “We encourage all players to gamble responsibly and to seek help if they feel they may have a problem.”
Overall, the March revenue figures mark a major milestone for the New York sports betting industry and demonstrate the market’s potential for continued growth in the coming months and years. With more operators expected to enter the market and the launch of mobile sports betting, New York is poised to become a major player in the sports betting landscape.
