Empire State operators' profits jumped to $57.6 million from a $554.7-million handle during the week ending March 22.
Empire State operators' profits jumped to $57.6 million from a $554.7-million handle during the week ending March 22. Photo By - Imagn Images. St. John's Red Storm guard Dylan Darling shoots the game-winning shot against the Kansas Jayhawks in the second half during a second round game of the men's 2026 NCAA Tournament at Viejas Arena.
Kirby Lee-Imagn Images New York’s eight online sports betting operators produced their most profitable first week of NCAA Tournament games ever in the most lucrative U.S. market.FanDuel’s hold reached 12% for the first time since January. The Empire State’s handle remained stagnant compared to the previous year, but gross revenue spiked nearly 30% to $57.6 million during the week ending March 22, the New York State Gaming Commissionon Thursday. While the first two rounds of March Madness were still mostly chalk, a few more upsets than the 2025 tourney produced a 10.4% hold, well above last year’s 8% win rate. . Texas was the only double-digit seed to reach the Sweet 16. However, Florida was the first No. 1 seed to be eliminated, a boon for sportsbooks, and No. 5 Wisconsin didn’t make it out of the first round.handle reached $554.7 million, down just 0.1% year over year, and it was the third consecutive week with at least $500 million in wagers, the longest streak in nearly two months. FanDuel and DraftKings both turned double-digit holds during the first weekend of the NCAA tourney, something neither accomplished this time last year. FanDuel won back $25.2 million on a $199.2-million handle, its largest since the week of the Super Bowl. The online operator’s win rate reached 12% for the first time since the end of January. DraftKings won 10.5% on a $177.9-million handle and surpassed $18 million in gross revenue for the third consecutive week for the first time since December 2025. Fanatics generated $74.7 million in wagers for the week ending March 22. It’s the second consecutive week above $70 million and the highest handle since late August 2025, but the online operator only won back 6%. BetMGM only produced a 7.4% hold on a $41.7-million handle, while Caesars fell just short of a double-digit win rate with $3.5 million in revenue on $37.1 million in wagers. BetRivers enjoyed a solid 10.8% hold on an $11.3-million handle, while theScore Bet reached 9.2% on $9.3 million in wagers. Bally Bet produced the state’s highest win rate, getting back 13.9% on a $3.2-million handle. Brad has been covering sports betting and iGaming industry news for Covers since 2023. He writes about a wide range of topics, including sportsbook insights, proposed legislation, regulator decision-making, state revenue reports, and online sports betting launches. Brad reported heavily on North Carolina’s legal push for and creation of online sportsbooks, appearing on numerous Tar Heel State radio and TV news shows for his insights. Before joining Covers, Brad spent over 15 years as a reporter and editor, covering college sports for newspapers and websites while also hosting a radio show for seven years.If you choose to make use of any information on this website including online sports betting services from any websites that may be featured on this website, we strongly recommend that you carefully check your local laws before doing so.It is your sole responsibility to understand your local laws and observe them strictly.Covers does not provide any advice or guidance as to the legality of online sports betting or other online gambling activities within your jurisdiction and you are responsible for complying with laws that are applicable to you in your relevant locality.Covers disclaims all liability associated with your use of this website and use of any information contained on it.As a condition of using this website, you agree to hold the owner of this website harmless from any claims arising from your use of any services on any third party website that may be featured by Covers.
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