New York Online Sportsbooks See Profits Drop in March Madness' 2nd Weekend

Operators produced their lowest weekly gross revenue since late January as handle and revenue declined week-over-week.

Apr. 6, 2026 at 5:55pm

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A cubist, geometric painting depicting a fragmented, multi-angled view of a basketball game or tournament action, using sharp planes of deep blue, bright orange, and metallic silver to capture the volatility and unpredictability of the NCAA Tournament.The unpredictable nature of March Madness is reflected in the fragmented, geometric visuals of this conceptual illustration.NYC Today

New York's eight online sports betting operators saw a 36% drop in profits during the second weekend of the NCAA Tournament compared to the previous week. The handle dipped 11.3% to $492.1 million, and mobile sportsbooks won back 7.5% to claim $36.9 million in gross revenue, according to the New York State Gaming Commission. This was the lowest gross revenue since the week ending January 25. However, all eight operators still finished in the black, unlike the previous year when the same week led to just $8.4 million in gross revenue.

Why it matters

The second weekend of March Madness is typically one of the most profitable times of the year for online sportsbooks, so this decline in profits and revenue is noteworthy. It highlights the volatility and unpredictability of sports betting, especially during major events like the NCAA Tournament where unexpected results can significantly impact operator performance.

The details

FanDuel accounted for over a third of the state's total profits, winning back $16.7 million on a $174.2 million handle. DraftKings also had a strong week, making $15 million in profits. However, other operators like Fanatics and BetMGM struggled, with Fanatics only winning back 5.1% on a $66.4 million handle and BetMGM producing just a 2.2% hold on a $38.5 million handle.

  • The week ending March 29 saw an 11.3% drop in handle from the previous week to $492.1 million.
  • This was the lowest weekly gross revenue for New York operators since the week ending January 25.

The players

FanDuel

The online operator accounted for over a third of New York's total sports betting profits, winning back $16.7 million on a $174.2 million handle.

DraftKings

The online operator made $15 million in profits, the second highest in the state.

Fanatics

The online operator struggled, only winning back 5.1% on a $66.4 million handle.

BetMGM

The online operator produced just a 2.2% hold on a $38.5 million handle.

New York State Gaming Commission

The regulatory body that reported the sports betting data for the week ending March 29.

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What’s next

As the NCAA Tournament continues, sportsbooks will be closely monitoring handle and revenue figures to see if the second weekend's decline was an anomaly or the start of a broader trend. Operators will also be looking ahead to the Final Four and National Championship games, which are typically among the most profitable events of the year.

The takeaway

This data highlights the volatility of the sports betting market, especially during major events like March Madness where unexpected results can significantly impact operator performance. It also underscores the importance for sportsbooks of diversifying their revenue streams and not becoming overly reliant on any single event or market.