New York Sports Betting Market Flourishes During March Madness

March Madness fever nudged the Big Apple into one of its most impressive weeks of sports betting since the state market opened in January 2022. 

March Madness earned its name through, well, the complete opposite of normality. While it’s normal for New York sports betting to produce eye-watering totals, the New York Gaming Commission (NYGC) reported a mammoth $539.6 million in total wagers on the week that ended on March 24.

The enormous handle was complemented by $31.2 million in gross gaming in a true standout week for New York sports betting sites.

The American Gaming Association estimated that sports bettors would risk a record $2.72 billion at legal sportsbooks during March Madness, well above even the total reached during the Super Bowl.

The NYGC’s report not only confirmed the AGA’s suspicions but marked the second-largest week of New York sports betting since the state market opened, just behind the total reached during the week ending Jan. 23, 2022.

FanDuel led all nine New York operators with a $244.8 million handle. DraftKings was next in line with $174.4 million before a clear drop-off separating Caesars ($48.2 million), BetMGM ($30.2 million), and others.

• FanDuel NY: $244,835,753
• DraftKings NY: $174,377,327
• Caesars Sportsbook NY: $48,170,660
• BetMGM NY: $30,196,250
• Fanatics Sportsbook: $18,419,492
• BetRivers: $18,394,608
• Resorts World: $2,235,105
• Bally Bet: $2,415,375
• WynnBET: $567,522

FanDuel also led the way in gross gaming revenue with a high mark of nearly $14 million, followed again by DraftKings, Caesars, and BetMGM.

• FanDuel: $13,967,654
• DraftKings: $10,329,997
• Caesars: $2,919,476
• BetMGM: $1,435,859
• Fanatics Sportsbook: $1,245,737
• BetRivers: $944,749
• Resorts World: $200,666
• Bally Bet: $74,746
• WynnBET: $37,601 

 The $539.6 million statewide handle represented a 21.2% increase on the $445.3 million total reached during the week that ended on March 17, two days before the First Four kicked off the NCAA Tournament.

The $31.2 million in revenue also resulted in $15.9 million in tax revenue for the state based on the state’s 51% tariff, tied for the highest of any state in America.

The next NYGC report will contain totals related to the period during the Sweet 16 and Elite Eight, both of which were memorable times for bracketologists, sports bettors, and basketball fans.

The 11-seed North Carolina State Wolfpack upset No. 2 Marquette and No. 1 Duke as DJ Burns Jr. and company moved on and set up a date with No. 1 Purdue in the Final Four. This path is eerily similar to the one they took in 1983, when they pulled off several upsets, including one against a team led by a 7-foot-4 multi-time National Player of the Year winner (just like Purdue’s Zach Edey), en route to a national championship. 

NC State only went 9-11 in ACC play but won nine straight games, seven of those coming as underdogs. A bettor who risked $100 on the NC State moneyline in each of those games would be up $1,834. 

While the Wolfpack were busting brackets and winning the hearts of Americans everywhere, the UConn Huskies continued their unrelenting dominance with commanding wins against No. 5 San Diego State University and No. 3 Illinois, during which they broke off a 30-0 run.

The Huskies are huge favorites to win the tournament at -185 at FanDuel Sportsbook. Purdue and Edey are second in line at +190 before a chasm separates the top two from Alabama (+1300) and NC State (+2000). 

Purdue is a 9.5-point favorite (-450 moneyline) against NC State at FanDuel. UConn is an -11.5 and -720 on the moneyline against Alabama.