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In the latest online gambling news, we are taking a loot at one of the biggest sports betting markets in the US- New York. The state releases weekly figures, which is unique compared with other states. But these numbers are very helpful in determining which sports events are popular, and which bring in the most money. For instance, in their latest report, we can see that March Madness betting has boosted sports betting in New York.

The handle for online sports betting in the state is at $539.6 million for the week ending March 24. Yes, you read that right. What we normally see in monthly action in other states, New York sees in a week. This week’s handle is also noteworthy because it is the first time that sportsbooks see more than $500 million in handle since the week ending December 17.

Sports Betting in New York Gets Busier with March Madness

However, a higher handle does not automatically translate to higher revenue. In this case, we have a paltry 5.8% hold, giving us a revenue of $31.2 million. When you open a sportsbook with a pay per head service, you will get software that will allow you to generate similar reports.

And when you become a bookie, you will want to know these data as it can help you manage your sportsbook operation to earn more. For sportsbooks in New York, the first week of March Madness betting is 17.3% better than the same period last year. However, revenue is 20.4% less than that of 2023. The handle is also higher than the previous week, but again, revenue drops by 22.4%. The hold percentage is also over three points lower than the previous week, which explains the drop in revenue.

The numbers may climb as we get deeper into March Madness. In addition, the end of March also means the beginning of the baseball season. The MLB season starts March 28, but wagers are coming in much earlier than the opening weekend, which could further boost the handle in sportsbooks in the state.

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