Although New York’s year-over-year sports betting handle declined by over $100 million, upsets boosted the sportsbooks’ bottom line and sent revenues soaring over 34% from a year ago, a trend that’s likely to influence current sportsbook ratings across the market.
New York Handle Dips in March, Revenue Rises
New York’s online sports betting market saw a slight dip in total wagers this March, even as overall performance remained strong. According to figures released Friday by the state’s gaming regulator, bettors placed approximately $2.32 billion in wagers across the eight licensed online sportsbooks. That’s down from the $2.43 billion recorded in March of last year, marking the second straight month of year-over-year decline in the betting handle.
Nevertheless, activity picked up compared to February, with betting volume rising 15%. The surge was largely driven by college basketball, as conference tournaments and the NCAA Tournament helped extend New York’s streak of monthly handles above $2 billion to eight in a row.
Despite a decrease in wagering compared to the previous year, sportsbooks enjoyed a bountiful month. A series of upsets during the NCAA Tournament—along with fewer top-seeded teams reaching the later rounds—worked in operators’ favor. Gross revenue climbed to $217.3 million, an increase of more than 34% from last March. The hold rate also improved, reaching an average of 9.4%, up nearly three percentage points.
Sportsbooks may have handled slightly less than last year, but it was the most profitable March since sports betting launched in the Empire State in 2022. The state also benefited mightily, receiving nearly $111 million in revenue from the eight sportsbooks. New York has now collected $328 million in the first three months of 2026, further underscoring its prominence in ongoing sportsbook industry news.
FanDuel Rules in March
FanDuel posted a hold (win rate) of 10.8% of the $811.1 million wagered, generating $87.4 million during the month known for the March Madness tournament. DraftKings finished a strong second, generating $77.5 million on a $758.4 million handle.
Fanatics crossed the $300 million mark in wagers for the first time since last summer, though bettors had more success there, keeping the hold to a meager 5.2% for the month. BetMGM had a tougher month, finishing with just under a 6% hold on $193.3 million in bets. Caesars performed better, clearing a hold above 9% on $152 million wagered.
BetRivers and Penn Entertainment’s theScore Bet (formerly ESPN Bet) announced handles of $52.4 million and $44.4 million, respectively. The former delivered $4.9 million while the latter generated $4.1 million. Bally Bet enjoyed a 12.1% hold but handled only $14 million and pocketed less than $2 million.
It should be noted that New York sportsbooks are not allowed to offer odds on any school based in the state, nor are they permitted to offer prop betting on college games in the Empire State, reflecting the broader landscape of betting laws by state across the U.S.
“New York State regulations prohibit wagering on in-state colleges, so this year is Hofstra, Long Island University, St. John’s, and of course, our local Siena,” said Ken Bates, sportsbook manager at Rivers Casino, before the tournament.
Michael Belsky, a partner at Tully Rinckey, stated, “You can bet on the game, you can bet on the total, you can bet on half-time scores and quarter scores, but there’s no prop betting on any team or any individual players in New York state.”
As betting activity continues to surge during marquee events, it’s also important for players to stay mindful of the warning signs of problem gambling and approach wagering responsibly.
