US Sports Betting 2023: New York, Maryland Breaking Records; PointsBet Selling Operations

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New York’s legalized sports betting industry continues to set records. 

During March, the state’s licensed sportsbooks recorded $163.6 million in adjusted gross revenue. The previous mark of $149.4 million was established in January, according to the New York State Gaming Commission. 

So far this year, New York State has generated $214.5 million in taxes, including a record $83 million during March. The mobile sports betting operators also collected a record-setting $162.8 million in revenues. 

New York’s total betting handle of $1.79 billion during March, however, did not establish a new mark. It fell short of January’s record-setting total. The gaming commission’s report also indicated the industry experienced a nine percent increase from March 2022.  

FanDuel and DraftKings led the way for New York. The market leader, FanDuel handled $740.1 million in wagers, while DraftKings was at $589.7 million. 

So far in 2023, sportsbooks reportedly handled more than $5 billion in legal bets.

Maryland Records Record-Breaking Tax Revenues 

New York is not the lone state establishing new revenue marks. 

Maryland’s sportsbooks generated $47.5 million in gross revenues during March, according to the Maryland Gaming Commission.  

The state’s sportsbooks also collected $35.4 million in adjusted revenues, marking the highest figure since sports betting became legal in Maryland in December 2021. The gaming commission’s report indicated that mobile wagering accounted for more than half of the sportsbooks’ adjusted gross revenue. 

Maryland earned $5.3 million in tax revenues, improving the first-quarter total to $10.2 million. It represented approximately $8.9 million more than 1Q22. 

PointsBet Plans To Sell US Sports Betting Operation 

Australia-based PointsBet is planning to exit the US sports betting market. 

The seventh largest operator, PointsBet brought in investment bank Moelis & Company to identify potential acquisition partners. Fanatics was interested in expanding its reach into the space by purchasing a stake of the company last year, as reported by 

After establishing a North American footprint, PointsBet etched a niche in 14 states, but struggled to consistently wrestle significant market-share away from industry giants FanDuel and DraftKings. 

Despite positive gains, PointsBet will be looking to shed its US sports betting operations in the near future. 

Jeff Hawkins is an award-winning sportswriter with more than four decades in the industry (print and digital media). A freelance writer/stay-at-home dad since 2008, Hawkins started his career with newspaper stints in Michigan, North Carolina, Florida, Upstate New York and Illinois, where he earned the 2004 APSE first-place award for column writing (under 40,000 circulation). As a beat writer, he covered NASCAR Winston Cup events at NHIS (1999-2003), the NHL's Chicago Blackhawks (2003-06) and the NFL's Carolina Panthers (2011-12). Hawkins penned four youth sports books, including a Michael Jordan biography. Hawkins' main hobbies include mountain bike riding, 5k trail runs at the Whitewater Center in Charlotte, N.C., and live music.

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