Big Apple Goes Big for Sports Betting in January

The New York State Gaming Commission released retail sports wagering numbers for January on Monday, making official the final counts as the Empire State bettered its national all-time monthly records for handle, revenue, and tax receipts.

Handle came less than $1 million shy of $1.8 billion, easily outdistancing the previous record of $1.69 billion wagered in January 2022. The Empire State currently has the top eight monthly handles and ten of the top 12. All 13 months with online and smartphone availability also are inside the top 50 of all-time handles reported nationally.

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The new record for revenue is now $149.9 million. New York, which has the top seven monthly revenue totals in the post-PASPA era and 10 of the top 12, missed out on the $150 million plateau by less than $114,000 thanks to a pair of retail books posting losses. Both del Lago Resort and Resorts World finished in the red for January, as the retail win rate for January was under 4.6%, the lowest since a 0.4% hold last June.

The $50,360 retail tax receipts for January lifted the overall haul for the state to $76.3 million, upping the previous record from November by $563,000. Since it first permitted online wagering, New York has generated $770 million in tax revenue, excluding operator license fees.

FanDuel reached $726.7 million for the former and $81.9 million for the latter in January while extending its double-digit holds to seventh months at 11.3%. It was the third time in four months FanDuel accounted for more than half the mobile operator revenue, while its handle accounted for slightly more than 40% of all accepted wagers.

DraftKings was a distant second in both categories, though its $593.4 million in accepted bets was an all-time high. Its win rate, though, dropped nearly two full percentage points to 6.7% as its revenue dipped 11% from December to $39.8 million. The January handle pushed DraftKings over $5 billion in New York.

Caesars was the only other operator with an eight-figure revenue total in January, landing just under $15 million. A 4.5% month-over-month increase in the handle to $223.7 million was not enough to offset a 0.6-point dip in the hold as revenue slid 4.2%.

BetMGM was the fourth and final operator with a nine-figure handle at $122.9 million, though a 5.9% hold resulted in just $7.2 million in revenue. 

PointsBet ($3.1 million) and BetRivers ($1.9 million) also had seven-figure revenue tallies. WynnBet continues to be confounded by New York bettors, as its 2.3% hold was the low mark among the state’s nine mobile operators.

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