Published: March 28, 2022

Online sports betting in New York dazzles for first week of March Madness

Online sports betting operators in New York generated $428M in handle for a week (March 14-20) that covered four days of the NCAA tournament, according to the New York State Gaming Commission.

That tally was close to the $472.1M generated during the week in February that included the Super Bowl.

FanDuel (OTCPK:PDYPY) led the way with a handle of $168.0M and gaming win of $14.7M.

DraftKings (NASDAQ:DKNG) brought in $110.8M for the week and saw a gaming win of $3.3M.

Caesars Interactive (NASDAQ:CZR) tallied a handle of $67.8M and gaming win of $4.4M.

BetMGM (MGM, OTCPK:GMVHF) generated a handle of $43.0M and gaming win of $1.6M.

The gaming wins for the sports betting operators will move higher after the future bets settle. analyst Mike Mazzeo: "Those first four days are a primary reason the NCAA Tournament is the largest sports betting holiday of the year. Fifty-two of the tournament’s 67 games take place over those days, and the interest is high. And with some high-profile upsets this year, including wiping Kentucky from the futures pool in the first round, sportsbooks will likely fare well, too."

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