March Madness Helps Online Sportsbooks in New York Post Major Takings

By Adam Haynes in Sports

| April 13, 2022 12:45 pm PDT

Sportsbooks in New York posted takings of $1.6 billion.
Bets on the NCAA basketball tournament saw a $100 million increase from February’s figures.
Despite the impressive numbers, January’s record-breaking month remains the benchmark for bookies.

Bettors in the “Empire State” enjoyed a very productive March.

As per figures posted by the New York State Gaming Commission (NYSGC), the best online betting sites in New York saw some seismic action last month. The NCAA basketball tournament, better known as March Madness, played a pivotal role in helping sportsbooks rake in major profits.

One of the biggest sports betting events of the year, gambling on March Madness contributed to almost $1.64 in wagers taken by all operators.

NY Bettors Take a Bite of the Action

According to projections, March was being touted as arguably the most important month in New York’s online gambling history.

But while the $1,638,266,833 handle for bookies in New York exceeded expectations, it fell $31 million short of the state’s biggest haul in January.

With takings up $100 million from figures posted in February, it does not feel as though New York bookies have much to complain about.

An estimated $58 million in tax revenue will hit the coffers of the NY state education fund from those takings, with major sites such as DraftKings and Bet MGM responsible for $52 million of that figure.

The NYSGC figures posted for the week ending April 3 show a $15 million decrease in wagers taken when compared to the previous seven days.

Furthermore, bet revenue was down over $100 million from March 14 to March 20. That was hardly a shock, given that March Madness betting activity was always going to see a spike in takings. In addition to the novelty factor surrounding the use of online betting apps, it’s even less of a surprise.

Will the MLB Season Push Takings up in April?

Will April’s betting revenue in New York beat takings in March 2022?

It seems likely that it will, at the very least, be up there.

With the MLB season up and running, sportsbooks in New York are expected to see even more action from punters. Taking other sports events into account, there is a chance that April could rival January as New York’s record-breaking month for betting revenue.

Baseball is just one of a number of sports that could see Empire State bettors head to online betting sites with designs on winning some money.

There are some huge events in boxing, MMA, NASCAR, F1, and more to look forward to.

With that said, the baseball season is most definitely going to see major action. If you’re looking to bet on Major League Baseball in New York, or anywhere else for that matter, check out our MLB Betting blog!

Adam Haynes

Adam is a sports writer and tipster with a strong background in MMA, boxing, and combat sports.

When Adam isn't writing about those, as well as politics, rugby, and Gaelic Games, he can be found working on methods and strategies to beat the bookies.

For his troubles, Adam is a fan of Leinster Rugby, Glasgow Celtic, and trusting the process.