New York Sportsbooks Produce 11.3% Hold During NCAA Semis

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New York's online sportsbooks had their most profitable week of the NCAA Tournament, winning $57.7 million from a $511.4 million handle during the men's and women's tournament semifinals. The 11.3% hold rate was significantly higher than the previous week's 7.5% win rate, with DraftKings and FanDuel both generating over $174 million in wagers each.

Why it matters

The strong performance of New York's mobile sportsbooks during the NCAA Tournament highlights the continued growth and profitability of the state's online gambling market, which has become one of the largest in the country since launching in 2022. The high hold rate also suggests bettors were more willing to wager on the tournament favorites, leading to larger payouts for the operators.

The details

The New York State Gaming Commission reported that mobile sportsbooks made $57.7 million from a $511.4 million handle during the week of the men's and women's NCAA Tournament semifinals. Gross revenue from the period ending April 5 spiked 43.5% week-over-week behind an 11.3% hold that also rose significantly from the previous week's 7.5% win rate. DraftKings led all operators with a $174.3 million handle, just slightly ahead of FanDuel at $174 million. FanDuel produced a better hold, winning back $24.2 million, its second-highest weekly profit since January.

• The latest handle was 4% higher than the previous week.
• The latest profits were the most by operators over the three weeks of the NCAA Tournament, and that doesn't include Monday night's men's national championship game.
• Helped by the NBA, NHL, and MLB, profits surpassed $50 million for the third time and were the highest since the NFL's Divisional Round playoffs in January.

What’s next

The strong performance of New York's mobile sportsbooks during the NCAA Tournament is expected to continue with the upcoming NBA and MLB playoffs, which are typically high-volume betting events.