New York’s eight online sports betting operators generated a $2.32 billion handle in March, down 4.5% from the previous year.

However, the operators set a new March revenue record of $217.3 million, a 34.3% increase year-over-year, thanks to a higher hold rate during the NCAA Tournament.

New York has become one of the largest and most lucrative sports betting markets in the United States since launching online sports betting in 2022. The monthly handle and revenue figures provide insights into the health and growth of the industry in the state.

While the overall handle declined, the operators’ gross revenue spiked 34.3% to $217.3 million, thanks to a 9.4% hold rate, up nearly 3 points from the previous March. FanDuel was the biggest beneficiary, winning back 10.8% on an $811.1 million handle, a $27 million increase in gross revenue year-over-year. DraftKings also had a strong month, generating $77.5 million in revenue on a $758.4 million handle.